By el Amigo
MANILA, Philippines — The Philippine Stock Exchange index (PSEi) closed lower on Friday as investors remained cautious amid global uncertainties and portfolio adjustments, while the Philippine peso strengthened against the US dollar.
The benchmark PSEi slipped by 1.10 percent to 6,236.44, while the broader All Shares Index declined by 0.59 percent to 3,395.05.
Most sectoral indices ended in negative territory, led by Services, which dropped 1.57 percent, followed by Financials at 1.46 percent, Holding Firms at 0.84 percent, and Property at 0.23 percent. In contrast, Mining and Oil advanced by 4.05 percent, while Industrial posted a modest gain of 0.15 percent.
Trading volume reached 1.3 billion shares valued at PHP10.8 billion. Market breadth remained negative, with 93 declining issues outnumbering 88 gainers, while 63 stocks were unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corporation, said investors showed mixed reactions throughout the trading session before sellers eventually dominated the market. He noted that positioning adjustments related to the PSEi’s rebalancing contributed to the increased selling pressure that dragged the benchmark index lower by the close of trading.
Meanwhile, the Philippine peso appreciated to 61.24 against the US dollar from Thursday’s 61.56 finish. Despite opening weaker at 61.47, the local currency traded within a range of 61.47 to 61.23 during the session, averaging 61.32.
Foreign exchange trading volume increased to USD1.55 billion from USD1.37 billion in the previous session.
Rizal Commercial Banking Corporation Chief Economist Michael Ricafort attributed the peso’s gains to the weakening of the US dollar against major global currencies.
However, Ricafort said investors remain watchful of domestic economic developments, including concerns surrounding the temporary restraining order issued by a Pasig City court that halted the implementation of the PHP85 wage increase in Metro Manila.
The wage adjustment was originally scheduled to be implemented in two phases, with a PHP60 increase slated for July 25, 2026, and the remaining PHP25 set to take effect on January 20, 2027.
elamigo/xf
