The local stock barometer dipped Friday as investors engaged in profit-taking ahead of the weekend, while the peso strengthened against the US dollar amid easing global crude prices.
The Philippine Stock Exchange index (PSEi) slipped by 1.30 percent to close at 6,296.20, with All Shares declining by 0.65 percent to 3,681.34.
Most sectors closed in the negative territory, led by Financials, which dropped 1.72 percent. It was trailed by Property, 1.05 percent; Holding Firms, losing 0.91 percent; Services, 0.89 percent; and Industrials, 0.79 percent.
Mining and Oil emerged as the sole gainer, rising 0.26 percent.
Decliners outpaced advancers at 95 to 86, while 59 stocks were unchanged.
“Philippine stocks succumbed to profit taking ahead of the weekend as investors assessed pronouncements made by the administration regarding tariffs, OPEC+ (Organization of the Petroleum Exporting Countries Plus), and interest rates among others,” Luis Limlingan, Regina Capital Development Corp. managing director, said.
Limlingan, however, said US markets rose overnight following remarks by US President Donald Trump at the World Economic Forum, wherein he called for “an immediate drop in interest rates” and mentioned plans to urge Saudi Arabia to reduce oil prices.
“Following his remarks, short-term Treasury yields saw a decline. Oil prices fell on Thursday following President Donald Trump’s appeal to Saudi Arabia and OPEC to reduce prices,” he said.
Meanwhile, the local currency capped the week on a strong note, finishing at P58.31 against the greenback, gaining 0.38 from the previous day’s close of P58.69.
It opened the day at 58.63, stronger than the 58.54 kick-off Thursday.
The currency pair traded between 58.30 and 58.63, bringing the weighted average for the day to 58.459.
Total volume of trade reached USD1.57 billion, higher than the previous day’s USD1.27 billion.*PNA