INVESTORS’ CONCERNS. The Philippine Stock Exchange index (PSEi) finished the week down on concerns about the rising global oil prices and its impact on domestic inflation, among others. However, the peso managed to keep its footing against the US dollar. (PNA graphics)
MANILA – The substantial net foreign selling has left the local bourse in the negative territory while the Philippine peso moved sideways for the week's last trading day.
The benchmark Philippine Stock Exchange index (PSEi) shed on Friday by 82.06 points to 6,126.34 level.
Philstocks Financial, Inc. research associate Claire Alviar said net foreign selling for the day reached PHP2.48 billion.
Broader All Shares dropped 33.13 points to 3,320.18 level.
All sectors tracked the main index, led by Holding Firms after it fell 82.73 points.
"The market sentiment was also dampened by the escalating global oil prices, sparking concerns about potential impact on inflation rate at home. Oil prices increased after China cut banks’ cash reserve requirements to boost its economic recovery, causing concerns among investors about potential disruptions to oil supply, ultimately driving up prices," Alviar added.
Losers outnumbered gainers at 109 to 86, with shares of 35 listed firms unchanged.
Meanwhile, the local currency finished at 56.82 against a US dollar, shedding 0.05 from a 56.77 close from the previous day.
It opened the day at 56.78, higher than the kick off on Thursday at 56.67.
The currency pair traded between a low of 56.78 to a high of 56.90 to the greenback.
Total volume of trade declined to USD1.06 billion on Friday from USD1.17 billion in the previous trading. (PNA)
