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MANILA: The local stock market shed on last-minute profit-taking, while the peso ended sideways closing this week’s trading.
The Philippine Stock Exchange index (PSEi) slipped 8.92 points, or 0.13 percent, to 6,873.23. All Shares also declined 3.88 points to 3,597.67 on Friday.
‘The local market mostly traded in the green territory amid positive developments in the local economy. The Bangko Sentral ng Pilipinas (BSP) has lowered its risk adjusted inflation forecast for 2024 to 3.9 percent. Additionally, OFW (overseas Filipino workers) cash remittances and approved foreign investment pledges last year both recorded strong performance,’ Philstocks Financial, Inc. assistant research manager Claire Alviar said.
Counters were mixed with sectors ending in the positive territory include Industrial, Services, and Financials while Holding Firms, Mining and Oil, and Property declined.
‘The net market value turnover stood at PHP4.38 billion,’ Alviar said.
Despite the overall decline, there were more advancers than
losers on Friday’s trading at 85 to 83, leaving shares of 65 counters unchanged.
Meanwhile, the peso ended sideways at 55.96 to a US dollar from the previous close of 56.02 to a dollar.
It opened at 55.93 from last day’s kick off at 56.06 to the greenback.
The currency pair traded from a low of 55.90 to a high of 56.02, bringing the average level at 55.95.
Volume of trade declined to USD925.2 million from USD958.68 million.
Source: Philippines News Agency
