Peso sinks to fresh record low; stocks slip

The Philippine Stock Exchange Index (PSEi) slipped 2.11 points, or 0.03 percent, to 6,281.01 on Friday, while the peso weakened by 9.7 centavos to a fresh record low of P61.847 against the US dollar from Thursday's P61.75.

Investors remained cautious

The local bourse was little changed from Thursday's close as investors remained cautious amid elevated oil prices, a stronger US dollar and persistent geopolitical risks.

Trading remained subdued, with net value turnover at P5.37 billion, while foreign investors posted net outflows of P48.19 million.

Services led sectoral gains, rising 1.03 percent, while Financials fell 1.38 percent. Century Pacific Food Inc. gained 3.33 percent, while Semirara Mining and Power Corp. dropped 3.97 percent on profit-taking.

According to the Bankers Association of the Philippines, the peso opened at P61.80, traded between P61.78 and P61.85, and touched a new record intraday low of P61.845 before closing at P61.847.

Record lows a dozen times

Following Friday's close, the local currency has hit record lows 12 times since the declaration of the national energy emergency in March.

The peso has remained under pressure following the collapse of a potential US-Iran peace deal in June. The two countries have exchanged strikes again over the past two weeks, fueling sustained demand for the US dollar as a safe-haven asset.