SNAPS RALLY. The local bourse's main index ended its three-day rally on Friday (March 31, 2023) partly on rise in oil prices. The peso kept its footing and finished sideways against the US dollar. (PNA graphics)
MANILA – The local bourse’s main index reversed its path on Friday and ended in the negative territory but the peso finished the week sideways against the United States dollar.
The Philippine Stock Exchange index (PSEi) declined by 2.18 percent, or 145.07 points, to 6,499.68 points.
All Shares followed with a drop of 1.28 percent, or 45.36 points, to 3,493.37 points.
Most of the sectoral indices also slipped during the day -- Property, 3.43 percent; Holding Firms, 3.13 percent; Industrial, 1.62 percent; and Financials, 0.07 percent.
On the other hand, Services rose by 0.06 percent and Mining and Oil by 0.02 percent.
Volume reached 627.11 million shares amounting to PHP6.18 billion.
Decliners led advancers at 107 to 73 while 47 shares were unchanged.
“The 6,500 support was easily breached as investors conclude the quarter,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan said the three major exchanges in the US rose as “investors bet the worth of the regional bank crisis is over.”
Oil prices rose in the international market, with the Brent crude up by 1.3 percent and the West Texas Intermediate (WTI) by 1.9 percent.
Meanwhile, the peso ended the week sideways against the US dollar at 54.36 from Thursday’s 54.415.
It opened the day at 54.35 and traded between 54.385 and 54.28. The average level for the day stood at 54.318.
Volume declined to USD942.6 million from day-ago’s USD1 billion. (PNA)
