Manila: Concerns over the inflationary impact of higher fuel prices resulted in the negative close of the Philippine Stock Exchange index (PSEi) and the weakening of the Philippine peso on Friday. The local bourse's main Index shed 0.61 percent to 6,061.81 points, and the broader All Shares shed 0.74 percent to 3,358.40 points.

According to Philippines News Agency, most of the sectoral gauges also finished in the red, led by Mining and Oil after it fell 3.27 percent. It was trailed by Financials, 1.58 percent; Holding Firms, 1.15 percent; Industrial, 0.31 percent; and Services, 0.14 percent. Only the Property index maintained its footing, gaining 0.004 percent. Volume reached 1.55 billion shares amounting to PHP32.7 billion. Decliners led advancers at 144 to 51, while 54 shares were unchanged.

Philstocks Research noted in a market report that the local market closed lower as inflation concerns weighed on sentiment. This comes amid the rise in global oil prices, with Brent crude already past USD100 per barrel, and the weakness of the Peso. The local currency ended the week at 62.68 to a U.S. dollar, weaker than its 62.53 close on Thursday. It opened the day at 62.65, and traded between 62.77 and 62.63, with an average for the day at 62.71. Volume reached USD1.14 billion, lower than the USD1.19 billion a day ago.