MANILA -- The Philippine peso ended the week sideways against the US dollar while the Philippine Stock Exchange index (PSEi) ended its three-day rally after investors decided to cash in on recent gains.
The local unit ended Friday at 51.85 from day-ago’s 51.87, which a trader attributed to a wait-and-see stance ahead of the release of the US’ non-farm payment reports for April later in the day.
Other factors were the holidays in China and Japan, the trader said.
The local unit opened Friday at 51.93, weaker than its 51.77 start on Thursday.
It traded between 51.97 and 51.85, resulting in an average of 51.93.
Volume reached USD707.2 million, lower than the USD1.25 billion a day ago.
The currency pair is seen to trade between 51.90 and 52.30 next week.
Meanwhile, a day after rising to the 8,000-level the main equities gauge finished the week down by 0.42 percent, or 33.59 points, to 7,967.98 points.
Regina Capital Managing Director Luis Limlingan attributed this to profit-taking after the index’s rise following the upgrade by S&P Global Ratings of the Philippines’ investment grade rating to ‘BBB+’ with Stable outlook last April 30.
The upgrade, which brought the country’s credit rating a level shy of an A grade, came as a result of the country’s healthy external payments position, sustained strong domestic expansion, and sustainable public finance.
“In addition, bets were made ahead of the inflation and GDP (Gross Domestic Product) figures, which will be out next week,” he said.
The slide of the main gauge was mirrored by the All Shares, which fell 0.14 percent, or 6.83 points, to 4,906.06 points.
Two of the sectoral indices -- Property and Holding Firms -- fell by 1.04 percent and 0.99 percent, respectively.
On the other hand, majority of the sectors ended with gains, led by Financials with 0.90 percent and followed by Mining and Oil, 0.38 percent; Services, 0.37 percent; and Industrial, 0.27 percent.
Volume reached 788.07 million shares amounting to PHP8.2 billion.
Gainers led losers at 102 to 100 while 50 shares were unchanged. (PNA)
