Stocks down on foreign net selling, peso closes flat

By Anna Leah Gonzales

June 21, 2024, 6:08 pm

MANILA – The local stock market ended the last trading day of the week in the negative territory due to net foreign selling, while the peso closed almost flat.

The Philippine Stock Exchange index (PSEi) dropped 186.08 points to 6,158.48, while the broader All Shares also fell 65.11 points to 3,375.20.

"The local bourse dropped by 186.08 points (2.93%) to 6,158.48 due to strong net foreign selling, recording a net outflow of P1.34 billion. The market’s new level is its lowest this year and marks its 8th straight day of decline. Additionally, the weakness of the peso against the US dollar continued to weigh on sentiment," Philstock Financials, Inc. research associate Claire Alviar said.

"Negative sentiment from our regional peers also affected the market's performance after Japan's May core inflation data came in slightly cooler than expected, jeopardizing the country's plans to raise interest rates," Alviar added.

All Sectors declined led by Mining and Oil, which fell by 345.18 points.

Decliners led Advancers at 108 to 74, while 52 shares were unchanged.

The peso, meanwhile, closed almost flat at 58.8 to a dollar on Friday, from the 58.78 closing on Thursday.

The last time the peso touched the 58.8-to-a-dollar level was on Nov. 3, 2022.

It opened the day at 58.83 and traded between 58.78 to 58.88.

The weighted average of the day was at 58.835.

Total volume of trade fell to USD807.95 from USD1.2 billion the previous day. (PNA)