MANILA – The local stock market ended Friday with minimal changes, while the peso appreciated against the dollar.
The Philippine Stock Exchange index (PSEi) inched up by 8.90 points to close at 6,518.76.
Meanwhile, the broader All Shares index increased slightly by 2.14 points, ending the day at 3,491.93.
“Philippine equities remained relatively stable, reflecting the subdued movement in the US market,” noted Luis Limlingan, Head of Sales at Regina Capital Development Corp.
“US investors are waiting for the May jobs report, hoping that signs of a cooling labor market might encourage the Federal Reserve to consider interest rate cuts. As for the Philippines, the next significant economic data release is the Foreign Direct Investment (FDI) report, which is scheduled for Thursday, June 13,” Limlingan added.
Almost all sectors closed higher, except Holding Firms.
Decliners narrowly outnumbered advancers at 90 to 88, while 63 stocks remained unchanged.
The peso closed at 58.52 to the dollar on Friday, strengthening from Thursday’s close of 58.611.
The currency opened at 58.555 and traded within a range of 58.49 to 58.59, leading to a weighted average of 58.539.
Trading volume declined to USD 1.2 billion, down from USD 1.3 billion the previous day.
(el Amigo/mnm)
