PSEi ends 3-day loss, PHP finishes week almost unchanged ahead of US payrolls report

MANILA—Markets were cautious on Friday ahead of the release of US non-farm payrolls but the peso remained solid and the Philippine Stock Exchange index (PSEi) ended its three-day slide.

The PSEi was almost flat after a gain of 0.01 percent, or 0.79 points, to 7,226.70 points.

A trader said foreign selling was high but cited that positive vibe is also up during the day, thus, the main index was given a breather.

All Shares climbed 0.21 percent, or 9.32 points, to 4,375.03 points.

Services, Industrial, and Financials all posted increases of 0.90 percent, 0.74 percent, and 0.64 percent, respectively.

However, Holding Firms lost 0.52 percent, Mining and Oil, 0.31 percent, and Property 0.19 percent.

Volume reached 1.83 billion shares amounting to PHP5.67 billion.

Losers led gainers at 103 to 81 while 48 shares were unchanged.

The local currency finished the week at 49.78, little changed from the 49.75 a day ago.

It opened the day at 49.80 from the previous session’s 49.76, which a trader said was expected as markets took on a defensive stance as they await the non-farm payrolls report.

The trader said foreign selling in the local bourse was also negative to the peso.

The currency pair ranged between 49.85 and 49.76 bringing the day’s average to 49.80.

Volume of trade amounted to USD560.9 million, lower than the previous day’s USD667.4 million.

The currency pair is seen to trade between 49.50 and 49.90 next week.