MANILA – The Philippine peso appreciated, returning to the 57-to-dollar range on Friday, while local stocks closed lower.
The peso finished at 57.83 to the US dollar, up from 58.06 on Thursday. This marks the first time since January 2 that the peso touched the 57-level, when it closed at 57.78.
It opened at 57.95, trading between 57.81 and 57.96, with a weighted average of 57.89. Trade volume rose slightly to USD 1.66 billion from USD 1.64 billion the previous day.
Meanwhile, the Philippine Stock Exchange Index (PSEi) dropped 0.85% to 6,061.33. The All Shares index also fell by 0.51% to 3,629.28.
“Philippine shares retreated below the 6,100 mark as investors booked profits following two consecutive sessions of gains after the Bangko Sentral ng Pilipinas maintained interest rates,” said Luis Limlingan, head of sales at Regina Capital Development Corp. “The market faced selling pressure as traders reassessed their positions amid a stable policy outlook.”
Except for Mining and Oil, all sectors closed in the red, with Property leading the decline, dropping 1.89%. Advancers narrowly outpaced decliners, 82 to 81, with 69 stocks unchanged.
ia/mnm
