MANILA – The local index succumbed to profit taking as it neared the 7,000 resistance level, while the Philippine peso lost its strength to end the week.
The benchmark Philippine Stock Exchange index (PSEi) dropped 1.17 percent to 6,881.97, with the broader All Shares likewise declining by 0.76 percent to 3,587.90.
Only Industrial and Mining and Oil closed in the green territory, with shares higher by 0.43 and 0.31 percent, respectively.
The biggest losses were recorded in the Services counter, plunging by 4.33 percent, followed by Property, Holding Firms, and Financials.
Philstocks Financial, Inc. assistant research manager Claire Alviar said aside from profit taking, the expectation of higher inflation also weighed on investors’ sentiment.
“The market value turnover stood at PHP5.86 billion,” Alviar added.
Decliners outpaced advancers at 111 to 80, leaving 54 counters unchanged.
Meanwhile, the peso shed 0.24 against a US dollar to 56.27 on Friday from 56.03.
It opened the day at 56.08 before trading between 56.08 and 56.30 to the greenback.
Weighted average level for the day stood at 56.20 to a dollar.
Trade volume surged to USD2.1 billion from yesterday’s USD1.32 billion. (PNA)
