MANILA — The Philippine Stock Exchange index (PSEi) ended the week on a down note, closing at 7,310.32 points after a 1.37 percent drop. All sectoral indices declined, with Property experiencing the steepest loss of 2.2 percent, followed by Services at 1.7 percent and Mining and Oil at 1.44 percent.
Philstock Financials’ research manager, Japhet Tantiangco, attributed the downturn to negative spillovers from Wall Street, where September’s inflation exceeded expectations, dampening prospects for quick policy easing by the Federal Reserve. The peso also traded lower, weighing on market sentiment.
Decliners outnumbered gainers, with 131 stocks declining versus 72 advancing, while 44 remained unchanged. Despite the PSEi’s struggles, the peso appreciated to 57.21 against the US dollar, up from 57.37. It opened the day at 57.30 and fluctuated between 57.11 and 57.33, averaging 57.22 for the session. Trading volume fell to USD 1.33 billion, down from USD 1.57 billion.
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