PSEI ends lower, peso slips back P63 per dollar
THE local market and the Philippine peso both staged recoveries during Friday’s trading session, providing a breather after experiencing steep sell-offs earlier in the week.
The Philippine Stock Exchange index (PSEi) slipped 0.28 percent to 5,761.95 on Friday, 6 November, while the peso weakened by 8.5 centavos to close at P63.055 per US dollar from Thursday’s P62.97, as investors took profits following a two-day market rally.
The broader All Shares index also declined by 0.35 percent to 3,218.31, reflecting the generally weaker performance of local equities.
Cautious stance
Investors adopted a cautious stance ahead of the release of third-quarter gross domestic product data next week, amid expectations that economic growth may have remained subdued. Negative signals from Wall Street also weighed on market sentiment.
Five of the six sectoral indices ended lower. Services posted the steepest decline, falling 1.39 percent, followed by mining and oil, down 0.98 percent. Property dropped 0.38 percent, industrial shed 0.42 percent, and holding firms slipped 0.29 percent. Financials bucked the trend, gaining 1.24 percent.
DMCI Holdings Inc. led the PSEi gainers, rising 3.26 percent, followed by Monde Nissin Corp., which advanced 3.06 percent. Ayala Land Inc. was the biggest index loser, declining 2.44 percent, while SM Investments Corp. fell 2.26 percent.
Foreign investors remained net buyers, recording P981.81 million in net inflows. Trading activity remained subdued, with net value turnover at P5.52 billion after excluding block trades worth P842.16 million. Total share volume reached 815.40 million.
Negative market breadth
Market breadth turned negative, with 96 decliners outnumbering 69 advancers, while 70 stocks were unchanged.
The PSEi’s year-to-date decline widened to 4.81 percent, while the All Shares index was down 7.34 percent for the year.
The peso’s depreciation brought it back above the P63-per-dollar level, although it remained stronger than its record-low close of P64.17 on 27 October.