MANILA – Philippine shares closed the week in negative territory due to last-minute profit-taking, while the peso also depreciated on Friday (17 May 2024).
The Philippine Stocks Exchange index (PSEi) dropped by 9.51 points, ending at 6,618.69. The broader All Shares index experienced a slight decline of 0.37 points, closing at 3,524.15.
“The local bourse fell by 9.51 points (0.14%) to 6,618.69 due to last-minute profit-taking. The market had mostly traded in positive territory during the session, buoyed by the Bangko Sentral ng Pilipinas’ (BSP) indication that it might cut interest rates as early as August,” said Claire Alviar, assistant research manager at Philstocks Financial, Inc.
“However, negative cues from international markets dampened sentiment, leading investors to sell shares at the last minute,” Alviar added.
Sector indices showed mixed results, with the Services sector posting the largest loss, declining by 1.60 percent. Conversely, the Property sector led the gainers, rising by 1.39 percent.
Advancers outnumbered decliners, 93 to 91, with 67 shares remaining unchanged.
The peso weakened, closing at 57.62 against the US dollar, down from Thursday’s finish of 57.46. It opened at 57.53 and fluctuated between 57.53 and 57.75 throughout the day. The weighted average for the day was 57.643.
The total volume of trade slightly decreased to USD 1.75 billion from USD 1.76 billion on Thursday.
(el Amigo/MNM)
