The Philippine peso strengthened on Friday, returning to the 57-level against the US dollar, while local stocks declined.
The peso closed at 57.83 per dollar, improving from its 58.06 finish on Thursday. This marked the currency’s first return to the 57 level since January 2, when it settled at 57.78.
The peso opened at 57.95 and traded between 57.81 and 57.96, with a weighted average of 57.89 for the day. Trading volume increased to $1.66 billion from $1.64 billion the previous session.
Meanwhile, the Philippine Stock Exchange index (PSEi) dropped 0.85% to 6,061.33, while the broader All Shares index declined 0.51% to 3,629.28.
“Philippine shares retreated below the 6,100 level as investors booked profits after two consecutive sessions of gains, following the BSP’s (Bangko Sentral ng Pilipinas) decision to maintain interest rates,” said Luis Limlingan, head of sales at Regina Capital Development Corp., in a Viber message.
“The market faced selling pressure as traders reassessed their positions amid a stable policy outlook,” he added.
All sectors ended lower, except mining and oil, with the Property sector leading losses at 1.89%.
Market breadth remained balanced, with 82 advancers edging out 81 decliners, while 69 stocks remained unchanged.