MANILA – The local stock market concluded the last trading day of the week in negative territory due to net foreign selling, while the peso closed nearly unchanged.
The Philippine Stock Exchange index (PSEi) plunged by 186.08 points to 6,158.48. Similarly, the broader All Shares also declined by 65.11 points to 3,375.20.
“The local bourse dropped by 186.08 points (2.93%) to reach 6,158.48 due to significant net foreign selling and recorded a net outflow of P1.34 billion,” said Claire Alviar, research associate at Philstock Financials, Inc., adding that this marks its lowest level this year and its eighth consecutive day of decline. Additionally, she noted that the weakness of the peso against the US dollar continued to impact sentiment.
“Negative sentiment from our regional peers also affected market performance after Japan’s May core inflation data came in slightly cooler than expected,” Alviar added.
All sectors declined with Mining and Oil leading with a fall of 345.18 points.
Decliners outnumbered advancers at a ratio of 108 to 74 while there were no changes in share prices for about52 shares.
Meanwhile,the peso closed almost flat at58.8to adollar on Friday comparedtothe previous closing figureof58..78on Thursday.The last time it reached this level was on Nov3It openedat58..83and traded between58..78and58..88.The weighted average forthe day was recorded at58..835.Total trade volume decreasedto USD8079from USD12billiontheprevious day.
(el Amigo/Source:PNA)
