PH stocks track Wall Street decline, peso ends nearly flat

By Anna Leah Gonzales

May 24, 2024, 7:58 pm

MANILA – The local stock market ended the last trading day of the week in the negative territory, while the peso closed flat.

The Philippine Stock Exchange index (PSEi) shed 40.10 points to close at 6,619.89, while All Shares also went down by 13.80 points to 3,523.49.

"The local bourse dropped by 40.10 points (0.60%) to 6,619.89 following negative cues from Wall Street as hopes for a soon-to-come rate cut by the Federal Reserve began to wane," Philstock Financials, Inc. assistant research manager Claire Alviar said.

"In Asia, investors were also assessing inflation data in the region," she said.

Most sector indices joined the PSEi in the red territory, with Properties having the biggest loss of 2.39 percent, followed by Mining which went down by 1.72 percent.

The Service sector was the sole gainer, increasing by 0.48 percent.

Decliners led advancers at 103 to 86, while 48 shares were unchanged.

Meanwhile, the peso closed at 58.19 to a dollar on Wednesday from the previous day's finish at 58.13.

It opened the day at 58.3 and traded between 58.09 to 58.3, bringing the weighted average of the day to 58.191.

Total volume of trade went up to USD1.38 billion from USD1.26 billion on Thursday. (PNA)