MANILA – The local stock barometer dropped on Friday due to last-minute selling while the peso closed flat.
The Philippine Stock Exchange index (PSEi) shed 18.26 points to 6,659.39 while the broader All Shares declined by 8.47 points to 3,517.40.
Philstock Financials, Inc. assistant research manager Claire Alviar said investors sold shares at the last minute amid uncertainties on policy rates.
"It has already been anticipated that the Bangko Sentral ng Pilipinas and Federal Reserve would cut interest rates this year," she said.
"However, given the increasing risks to inflation, this could lead to a more cautious approach from both central banks."
Alviar said that despite the market decline, most sectors posted gains, with the Miners having the biggest gain, up by 0.74 percent.
Meanwhile, the property sector and Holdings joined the PSEi in the red, losing 1.14 percent and 0.53 percent, respectively.
Decliners led advancers at 108 to 77, while 51 shares were unchanged.
Meanwhile, the peso closed flat at 56.53 to a US dollar on Friday from Thursday's 56.5 finish.
The local currency opened the day at 56.4, and traded between 56.39 and 56.55.
The weighted average level for the day stood at 56.47.
Volume of trade went down to USD1.08 billion from USD1.31 billion on Thursday. (PNA)
