MANILA – Both Philippine shares and the peso closed the week with losses following the release of the producer price index (PPI) in the United States.
On Friday, the Philippine Stock Exchange index (PSEi) ended its three-day rally as it dropped 2.09 percent to 6,822.32.
All Shares were lower by 1.39 points to 3,560.46.
Philstocks Financial, Inc. assistant research manager Claire Alviar attributed the shedding in the bourse to higher-than-expected US' February PPI inflation.
"This weighed on sentiment as the Federal Reserve's decision to ease monetary policy this year may not come any sooner," she said.
Only Mining and Oil closed in the positive territory with 0.37 percent increase on the last day of trading this week.
The net market value turnover surged to PHP18.79 billion driven by the impact of the Financial Times Stock Exchange (FTSE) rebalancing, Alviar added.
Decliners outnumbered advancers at 113 to 92, with 38 left unchanged.
Meanwhile, the peso closed weak at 55.53 to a dollar from 55.40 on Thursday.
It already opened the day at 55.50 from 55.37 to the greenback.
The foreign exchange rate traded between 55.49 and 55.60, with a weighted average rate of 55.55 to a US dollar.
Trade volume jumped to USD1.2 billion from USD868.8 million the previous day. (PNA)
