Stocks down, peso moves sideways Friday

By Anna Leah Gonzales

May 10, 2024, 5:55 pm

MANILA – Philippine shares continued to decline on Friday as investors remained cautious due to elevated inflation and interest rates, while the peso moved sideways.

The Philippine Stock Exchange index (PSEi) went down by 30.53 points to 6,511.93.

All Shares also shed 4.42 points at 3,477.13.

"Philippine shares wrapped up the trading week on a downward note as investors exercised caution amidst persistent concerns over inflation and elevated interest rates," Regina Capital Development Corp. head of sales Luis Limlingan said.

Almost all sectors closed in the red except Holding Firms and Mining and Oil, which went up by 22 points and 87.69 points, respectively.

Advancers led decliners at 109 to 84, while 48 shares were unchanged.

The peso, meanwhile, moved sideways closing at 57.42 to the dollar from 57.38 on Thursday.

It opened the day at 57.30 and traded between 57.255 and 57.44, bringing the weighted average to 57.32.

Total volume of trade fell to USD1.02 from Thursday's USD1.09 billion. (PNA)