Philippine Stock Exchange Index Falls Below 6,000; Peso Remains Unchanged

Manila — A two-day trend of declining local shares pulled the Philippine Stock Exchange index (PSEi) below the critical 6,000-mark, while the peso closed flat at the end of the trading week.

According to a news release by Philippines News Agency, the PSEi closed 0.94 percent lower, settling at a 5,961.99 level. The broader All Shares index also slipped, losing 0.60 points to close at 3,246.47. Luis Limlingan, head of sales at Regina Capital Development Corp., stated that the PSEi finished below the 6,000 level as investors processed a range of recently released local corporate earnings.

Friday’s trading was influenced by the off-cycle interest hike by the Bangko Sentral ng Pilipinas, which continued to impact investor sentiment. All market sectors ended in negative territory, with the most significant decline coming from the Property sector, which fell by 1.72 percent. There were more decliners than advancers, with a ratio of 93 to 78, while 53 stocks remained unchanged.

In currency news, the peso remained flat, closing at 56.96 against the US dollar. It opened the trading day at 56.98, slightly up from the previous day’s opening at 56.95. The peso traded between 56.85 and 56.98 throughout the day, averaging 56.90 against the US dollar. Trade volume increased to USD 1.65 billion on Friday, up from Thursday’s trade volume of USD 1.08 billion.