Peso almost flat as markets fell on net foreign selling

The Philippine peso closed almost flat on the week's last trading day, dropping to 58.8 against the U.S. dollar from 58.78 from Thursday's closing.

The last time the peso touched the 58.8-to-a-dollar level was on Nov. 3, 2022.

It opened the day at 58.83 and traded between 58.78 to 58.88.

The weighted average of the day was 58.835.

The total trade volume fell to $807.95 from $1.2 billion the previous day. 

Meanwhile, the local stock market ended in the negative territory due to net foreign selling.

The Philippine Stock Exchange index (PSEi) dropped 186.08 points to 6,158.48, while the broader All Shares also fell 65.11 points to 3,375.20.

"The local bourse dropped by 186.08 points (2.93%) to 6,158.48 due to strong net foreign selling, recording a net outflow of P1.34 billion. The market's new level is its lowest this year and marks its 8th straight day of decline. Additionally, the peso's weakness against the U.S. dollar continued to weigh on sentiment," Philstock Financials, Inc. research associate Claire Alviar said.

"Negative sentiment from our regional peers also affected the market's performance after Japan's May core inflation data came in slightly cooler than expected, jeopardizing the country's plans to raise interest rates," Alviar added.

All Sectors declined, led by Mining and Oil, which fell by 345.18 points.

Decliners led Advancers at 108 to 74, while 52 shares were unchanged.