Article by:
Joann Villanueva
MANILA – Investors remained risk-averse due to the ongoing conflict in the Middle East, resulting in the negative close of both the local bourse’s main index and the peso.
The Philippine Stock Exchange index (PSEi) shed 0.89 percent to 6,058.94 points, and the broader All Shares by 0.68 percent to 3,382.11 points.
Only the Industrial index gained during the day after it rose 0.16 percent.
The Mining and Oil, meanwhile, posted the biggest drop among the sectoral gauges after it slipped by 1.81 percent, followed by Services, 1.24 percent; Holding Firms, 1.16 percent; and Financials and Property, both down by 0.72 percent.
Volume was thin at around 886.39 million shares, amounting to PHP13.84 billion.
Decliners led advancers at 108 to 68, while 79 shares were unchanged.
“The Philippine market declined in line with the broader downturn in global markets as investors reacted to escalating tensions in (the) Middle East. Threats of continued increase in oil prices heightened concerns over inflation and potential policy tightening,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
“At the same time, a weakening peso and heightened geopolitical uncertainty have made investors more cautious, leading to subdued trading activity.”
The local currency ended the week’s trade at 59.73, down from its 59.38 close on Thursday.
Its weakness showed early on after opening the day at 59.55 from 59.32 a day ago.
It traded between 59.41 and 59.75, bringing the day’s average at 59.55.
Volume rose to USD2.23 billion from the previous season’s USD1.92 billion. (PNA)
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