Manila:The Philippine Stock Exchange index (PSEi) closed the week with a downturn, shedding 0.44 percent to land at 5,680.35 points. The broader All Shares index also saw a decline of 0.51 percent, closing at 3,178.42 points.

According to Philippines News Agency, the Mining and Oil sector experienced the most significant drop among sectoral indices, falling by 1.19 percent. This was followed by Holding Firms at 0.96 percent, Financials at 0.50 percent, Services at 0.25 percent, Industrial at 0.24 percent, and Property at 0.13 percent. Trading volume reached 685.57 million shares, valued at PHP17.14 billion, with decliners outnumbering advancers 110 to 63, while 68 shares remained unchanged.

Luis Limlingan, head of sales at Regina Capital Development Corporation, stated that investor profit-taking was prominent, reflecting ongoing market caution. Investors were seen to be taking defensive positions and reducing exposure ahead of the long weekend due to persistent macroeconomic and external uncertainties.

Meanwhile, the Philippine peso ended the trading day relatively stable at 63.74 to a U.S. dollar, down slightly from 63.85 the previous day. It opened at 63.67 and fluctuated between 63.77 and 63.61, with an average of 63.67. Trading volume was USD1.28 billion, compared to USD1.46 billion in the prior session.

Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, attributed the peso's stabilization over the past three days to reassurances from President Ferdinand R. Marcos Jr. regarding the exchange rate. The President had earlier urged the public not to panic over the peso's weakness, citing the impact of rising oil prices and asserting that the government has measures in place to protect the currency. Ricafort also noted that spending anticipated during the Undas long weekend contributed to the peso's performance. He predicts the peso will trade between 63.70 and 63.95 on Tuesday, with no trading scheduled for Monday.

Additionally, the Bangko Sentral ng Pilipinas (BSP) issued a statement on Friday, affirming its intervention in foreign exchange trading during periods of unusual volatility to prevent inflation and manage disorderly market conditions.