MANILA – The Philippine Stock Exchange index (PSEi) fell to 6,200 level while peso gained on the last trading day of the week.
On Friday, PSEi closed to 6,290.27, down 74.70 points, a new nine-month low for the local stock market.
All Shares declined by 26.39 points, to 3,383.41, with all sectors ending in the red, except for Mining and Oil.
“Philippine shares continue to tumble as US OK equities dropped for the third straight day. Aside from this, there must have been some remaining pessimism from the previous GDP (gross domestic product) reading reflected in today’s session,” said Regina Capital Development Corp. head of sales Luis Limlingan.
Top gainer this day was Mining and Oil, gaining 24.04 points to 9,898.69.
The rest ended with decrements, with largest drop from Industrial, down by 118.09 points; Financials, down by 34.55 points; Property, down by 26.79 points; Services, down by 16.23 points; and Holding Firms, down by 13.32 points.
There were 104 firms that closed in the red territory, while 66 finished in the green. Fifty-seven firms were able to maintain their shares.
Meanwhile, the Philippine peso finished the week stronger at PHP56.18, gaining by PHP0.59 from PHP56.77 the previous day.
It kicked off the day on sideways at PHP56.65 from last day’s PHP56.67 opening.
Peso strengthened within the day to PHP56.14 and reached its weakest exchange rate at PHP56.65, bringing the average level for the day at PHP56.34 to the greenback.
Volume of trade climbed to USD1.46 billion from Thursday’s volume of USD960.55 million.
“For next week, the peso exchange rate could rate at the 56 to 56.60 level,” Ricafort said. (PNA)
