Manila: Both the local stock market's main index and the Philippine peso ended lower on Friday, partly due to concerns over the possibility of further rate hikes by the Bangko Sentral ng Pilipinas (BSP). The Philippine Stock Exchange index (PSEi) slipped 0.30 percent to 6,135.35 points, while the broader All Shares index declined 0.37 percent to 3,380.77 points.

According to Philippines News Agency, most sectoral indices also ended in negative territory, except for Financials, which rose 0.75 percent. Mining and Oil led the losses, dropping 3.76 percent. It was followed by Services, down 0.84 percent; Holding Firms, 0.80 percent; Property, 0.28 percent; and Industrial, 0.09 percent. Trading volume increased to 1.32 billion shares valued at PHP11.18 billion. Decliners outnumbered advancers, 111 to 81, while 48 shares were unchanged.

Philstocks Financial Inc. noted in a market report that the local market declined as investors worry over the possibility of more rate hikes by the BSP. This concern arose a day after the central bank raised its key policy rates by 25 basis points following an upward revision of its inflation forecasts for this year and next. Additionally, concerns that the US-Iran memorandum of understanding is fragile and has downside risks of reversing also weighed on the market.

Meanwhile, the local currency ended the week weaker at 60.77 against the US dollar, compared to its 60.56 close on Thursday. The peso opened at 60.70, weaker than the previous day's 60.60, and traded between 60.82 and 60.63. Its average exchange rate for the day stood at 60.72. Trading volume in the foreign exchange market rose to USD1.79 billion from USD1.62 billion in the previous session.