Manila - The Philippine Stock Exchange index (PSEi) tracked the downward trend of most Asian markets, ending the week's trading in the red, while the Philippine peso closed sideways but remained within the 55 level. On Friday, the PSEi dropped 26.33 points to close at 6,161.89, with the All Shares index also declining by 12.52 points to 3,316.86.
According to Philippines News Agency, the drop was attributed to profit-taking after US Federal Reserve Chair Jerome Powell expressed uncertainty about the central bank's efforts against inflation.
Luis Limlingan, head of sales at Regina Capital Development Corp., noted that bond yields rose as stocks fell following Powell's speech. Sectoral indices mostly saw declines, with the Services sector being the sole exception, slightly rising by 6.45 points. The Mining and Oil sector experienced the most significant drop, followed by Industrial, Property, Holding Firms, and Financials. The peso, on the other hand, ended the day weaker at 55.96 to the US dollar, a slight decrease from the previous day's close of 55.89. It opened at 56.03 and fluctuated between 55.92 and 56.03 throughout the day, averaging at 55.96 against the greenback. The trade volume was reported at USD951.7 million, a decrease from USD1.33 billion the previous day.