MANILA – Both the local bourse and the currency closed weak Friday.
The Philippine Stock Exchange index (PSEi) ended the day shedding 0.41 percent and closed at 7,428.30, with All Shares also down by 0.19 percent to 3,970.43 level.
Majority of the indices closed in the green territory with only Financials and Industrial finishing in the red as shares declined by 1.90 and 0.03 percent, respectively.
After losing the previous day, Mining and Oil is Friday’s biggest winner, closing at 8,791.38 points, gaining by 0.55 percent.
Services also ended in the green, with shares higher by 0.24 percent, followed by Property and Holding Firms, which both inched up by 0.02 percent.
“Profit-taking dragged the PSEi into the red despite remaining in overbought territory, ignoring positive US market momentum. US stocks rose as upbeat economic data, including a drop in jobless claims and steady durable goods orders, eased fears of a slowdown, with second quarter of 2024 GDP (gross domestic product) holding firm at 3 percent,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Advancers still led losers at 113 to 94, with 45 left unchanged.
Meanwhile, the Philippine peso further weakened to 56.08 against the US dollar on Friday from a 55.97 close on Thursday.
At the start of the day, the peso was strong at 55.80 from yesterday’s kickoff at 56.05 to the dollar.
The currency pair traded between 55.77 and 56.10, bringing the average level for the day at 55.89 to the greenback.
Total volume reached USD1.47 billion, higher than Thursday’s trade volume of USD1.37 billion. (PNA)