MANILA – The Philippines’ main stocks index rose for the second consecutive day on Friday, while the peso ended the week sideways against the US dollar as investors weigh the latest developments both here and overseas.
The Philippine Stock Exchange index (PSEi) rose by 0.21 percent, or 12.23 points, to 5,785.09 points.
All Shares increased by 0.12 percent, or 4.21 points, to 3,493.73 points.
On the other hand, most of the sectoral indices ended the week in the red, led by Mining and Oil, which fell 2.77 percent.
Trailing behind were Services, 1.32 percent; Industrial, 1.04 percent; and Financials, 0.47 percent.
Meanwhile, Property increased by 1.79 percent and Holding Firms, by 0.59 percent.
Volume totaled 554.567 million shares amounting to PHP 5.45 billion.
Losers led gainers at 104 to 77 while 51 shares were unchanged.
“Investors sold off from overbought issues in the US and across the region and parked to overload stock in the Philippine markets,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
Limlingan said the risk-off sentiments may be attributed to investors’ decision to stay away from a long weekend, referring to the US Labor Day holiday on Monday.
“I also reiterate this again, the amount of share placements is also worrying. But a correction is long overdue. We did not see any panic from institutional investors, with selling mainly from the retail investors cashing out,” he said.
Relatively, the peso remains firm against the US dollar after finishing the week at 48.62 from its 48.58 close on Thursday.
It opened the day at 48.63, sideways from its 48.57 start in the previous session, and traded between 48.64 and 48.55, resulting in an average of 48.587.
Volume totaled USD689.6 million, higher than the USD647.05 million a day ago. (PNA)