MANILA - The Philippine Stock Exchange index (PSEi) experienced a decline on Friday due to a surge of last-minute selling, while the peso ended the day nearly unchanged. The PSEi fell by 18.26 points, closing at 6,659.39, and the broader All Shares index also saw a decrease, dropping by 8.47 points to finish at 3,517.40.
According to Philippines News Agency, assistant research manager at Philstock Financials, Inc., the sell-off was driven by investor uncertainty regarding the anticipated changes in policy rates by central banks. "It has already been anticipated that the Bangko Sentral ng Pilipinas and Federal Reserve would cut interest rates this year," Alviar stated. She added that the potential risks to inflation might prompt a more cautious stance from these institutions.
Despite the downturn, Alviar noted that most sectors managed to post gains, with the Miners sector showing the largest increase of 0.74 percent. However, the property sector and Holdings sectors did not fare as well, recording losses of 1.14 percent and 0.53 percent, respectively. The market dynamics showed more decliners at 108, compared to 77 advancers, with 51 shares remaining unchanged.
Meanwhile, the peso remained stable, closing at 56.53 to the US dollar, marginally adjusted from Thursday’s close of 56.5. The local currency had opened at 56.4 and fluctuated between 56.39 and 56.55 throughout the day, with a weighted average of 56.47. The trading volume decreased to USD 1.08 billion, down from USD 1.31 billion on the previous day.