The Market Monitor Minding the Nation's Business
Investor jitters over alleged anomalies in government flood control projects dragged the Philippine Stock Exchange index (PSEi) lower for a fifth straight day Friday, while the peso closed flat against the US dollar.
The PSEi slipped 0.25% to 6,027.12, while the broader All Shares index shed 0.24% to 3,644.80. Property (-1.55%), Services (-0.88%), and Holding Firms (-0.12%) pulled the market down, offsetting gains in Mining and Oil (+0.71%), Financials (+0.66%), and Industrial (+0.22%).
Turnover reached ₱5.5 billion on 1.66 billion shares, with decliners outpacing advancers 110 to 82, while 60 were unchanged.
“The local market declined for a fifth straight day as dismay over the Philippine flood control projects’ corruption issues continued to dampen sentiment,” Philstocks Financial Inc. said, adding that negative cues from Wall Street and a weaker peso also weighed on trading.
The peso closed unchanged at 58.1 to the dollar after opening softer at 58.28. It traded between 58.43 and 58.09, averaging 58.25. Dollar volume eased to USD1.38 billion from Thursday’s USD2.1 billion.