(DC file photo)
MANILA, Philippines – Philippine stocks declined on Friday as persistent selling pressure and economic uncertainties weighed on investor sentiment, while the peso ended nearly unchanged against the US dollar.
The Philippine Stock Exchange index (PSEi) dropped 1.18 percent to close at 5,593.49 points, while the broader All Shares index slipped 0.66 percent to 3,154.93 points.
Most sectoral indices finished in negative territory, with Services recording the steepest decline at 3.11 percent, followed by Mining and Oil at 1.73 percent, Industrial at 1.07 percent, Property at 0.80 percent, and Holding Firms at 0.35 percent.
Financials was the only sector to post gains, rising 0.99 percent.
Total trading volume reached 729.24 million shares valued at Php 6.4 billion.
Market breadth remained negative, with 97 decliners outnumbering 84 advancers, while 60 stocks closed unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corporation, attributed the market’s decline to “strong selling pressure (that) weighed on market performance.”
“Sentiment remained bearish amid renewed weakness of the Philippine peso against the US dollar, raising concerns over currency depreciation and its potential implications for the domestic economy. Investors remained cautious, with persistent macroeconomic headwinds further limiting risk appetite,” Limlingan said.
Meanwhile, the Philippine peso weakened slightly to P63.72 against the US dollar, compared with Thursday’s closing rate of P63.70.
The local currency opened at P63.85, weaker than the previous session’s opening rate of P63.25.
During trading, the peso moved between P63.64 and P63.94 per dollar, with a weighted average of P63.81.
Foreign exchange trading volume increased to USD 2.2 billion from USD 1.72 billion in the previous session.
The latest market performance reflected continued investor caution amid currency volatility and broader economic challenges affecting domestic financial markets.
