Article by:
Anna Leah Gonzales
MANILA – The local stock market closed nearly flat on Friday amid lingering uncertainty over the Middle East conflict, while the peso weakened.
The Philippine Stock Exchange Index (PSEi) rose 0.14 percent to 6,098.21, while the broader All Shares index fell 0.19 percent to 3,408.53.
Most sectoral indices declined, except Services, which gained 1.97 percent, and Mining and Oil, up 1.72 percent.
Property led losses, down 1.41 percent, followed by Industrial, 0.64 percent; Holding Firms, 0.39 percent; and Financials, 0.09 percent.
Total volume of trade reached 638.6 million. Decliners slightly outnumbered advancers, 102 to 100, with 66 unchanged.
“The PSEi moved to 6,098.21 up by +0.14%. The Philippine market closed relatively flat, as investor confidence remained fragile amid lingering uncertainty over the US-Iran ceasefire. Participants staying on short positions while monitoring geopolitical developments and inflation risks,” Regina Capital Development Corporation head of sales Luis Limlingan said.
He added the peso’s depreciation further weighed on sentiment.
The peso closed at 59.97 against the dollar, weaker than 59.43 on the previous session. It opened at 59.75 and traded between 59.65 and 60, with an average of 59.77.
Dollar trading volume fell to USD1.5 billion from USD2.48 billion in the previous session. (PNA)
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