MANILA – The local stock barometer fell into correction territory on Friday, a day after posting gains, and the peso followed.
The Philippine Stock Exchange index (PSEi) lost 0.85 percent, or 55.88 points, to 6,520.74 points.
All Shares followed with a drop of 0.89 percent, or 36.43 points, to 4,038.51 points.
Most of the sectoral indexes trailed, led by the Property index which declined by 2.07 percent.
Financials slipped by 1.24 percent; Mining and Oil, 1.17 percent; Industrial, 1.01 percent; and Holding Firms, 0.51 percent.
Only the Services index ended in positive territory after increasing by 0.08 percent.
Volume totaled 2.22 billion shares amounting to PHP8.9 billion.
Losers led gainers at 172 to 41, while 24 shares were unchanged.
Aside from correction, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the PSEi’s performance to concerns on coronavirus disease 2019 (Covid-19) Delta variant.
This, after the Department of Health (DOH) recently reported the increase in infections caused by the strain, which experts said are more contagious.
As a result, the government is implementing stricter quarantine restrictions in several areas, including the National Capital Region (NCR).
Ricafort expects the PSEi’s immediate major support at 6,450-level.
Meanwhile, the peso ended the week at 50.34, weaker than its 50.135 close a day ago.
It opened the trade at 50.1 and ranged between 50.35 and 50.075.
The average level for the day stood at 50.238.
Volume totaled USD804.6 million, lower than the previous session’s USD948.95 million. (PNA)
