MANILA – The local stock barometer finished in the red territory for two trading days ahead of the April inflation report, while the Philippine peso gained strength in Thursday’s trade.
The Philippine Stock Exchange index (PSEi) fell 0.81 percent to 6,646.55, while All Shares declined by 0.61 percent to 3,504.58.
Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said investors were cautious with the inflation for April as they expect it to be faster than the 3.7 percent inflation in March and above the central bank’s forecast.
“Adding to the woes was the Federal Reserve’s statement, which expressed the lack of greater confidence on the US’ inflation. The statement further tempered early rate-cut hopes from the Fed and consequently the BSP. It also caused concerns towards the local currency, which has an effect on the local bourse,” Plopenio added.
Among sectoral indices, only Services recorded gains at 2.12 percent to close at 1,896.18.
The biggest shedding came from the Holding Firms counter (-2.05 percent), followed by Industrial (-1.76 percent), Property (-1.28 percent), Mining and Oil (-0.95 percent), and Financials (-0.34 percent).
Losers outpaced gainers at 110 to 77, with 54 left unchanged.
Meanwhile, the peso appreciated by 0.22 on Thursday at 57.54 to the US dollar from 57.76 to the dollar during the previous trading.
The local currency opened the day at 57.70, weaker than last trading’s kick-off at 57.60
The peso and dollar exchange ranged from 57.44 to 57.74 during the trading, averaging 57.58 to the greenback.
The volume of trade dropped to USD1.54 billion from USD1.89 billion in the previous trading. (PNA)
