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PSEi, peso take a beating Friday

Risk-off sentiment overseas impacted on the Philippine Stock Exchange index (PSEi) and the peso Friday.

PSEi shed 1.64 percent, or 141.39 points, to 8,503.69 points, which a trader pointed to global equities sell-off.

The trader said local stocks continue to suffer but this is not just in the domestic market, mainly due to concerns on the path of interest rates in the United States, among others.

The negative close of the main index was mirrored by other indices, such as the All Shares, which lost 1.30 percent, or 66.29 points, to 5,028.38 points.

Property fell 2.46 percent followed by Holding Firms, 1.57 percent; Industrial, 1.25 percent; Mining and Oil, 0.99 percent; Financials, 0.95 percent; and Services, 0.91 percent.

Volume for the day reached 1.36 billion shares amounting to PHP8.6 billion.

Losers led gainers at 138 to 64, while 46 shares were unchanged.

The peso finished the week at 51.48 from 51.31 a day ago, which a trader pointed to the developments in the equities market.

The trader also pointed to investors’ acceptance of the Bangko Sentral ng Pilipinas’ (BSP) decision on Thursday to keep key rates as a negative for the peso during the day.

Investors are hoping for the increase in the domestic key rates, citing the same expectations for the Federal Reserve’s interest rates.

For the day, the peso opened on a depreciated level of 51.58 from the previous session’s 51.23 start.

It traded between 51.43 and 51.79, bringing the day’s average to 51.65.

Volume for the day surged to USD1.17 billion from Thursday’s USD896 million.

The currency pair is seen to trade between 51.40 and 51.70 next week. (By Joann Villanueva

PNA

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