Business and Economy
Local markets end trading week lower
The benchmark Philippine Stock Exchange index (PSEi) slipped by 1.03 percent to 7,908.89 points from Thursday’s 7,991.25 points close, wiping gains from previous session. (Photo: qvist/ShutterStock)
MANILA — The local stock barometer declined anew on Friday as investors rebalanced holdings and stocks, while the peso continued retreating against the greenback.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 1.03 percent to 7,908.89 points from Thursday’s 7,991.25 points close, wiping gains from previous session.
“A large part of the moves happened at the close and this can be attributed to the rebalancing of the PSEi, which takes effect on Monday,” AAA Equities president William Matthew Cabangon said.
Cabangon pointed out that funds are reallocating their assets according to the new weightings all at the same time, magnifying the moves of the index.
“(But) we don’t see today’s -1 percent move in the PSEi as a reason to worry. It is just rebalancing,” he added.
Most sectors ended in the negative territory, led by Financials that declined by 2.65 percent and Services by 1.38 percent.
Industrial and Mining and Oil slipped moderately, while Property and Holding Firms increased slightly.
On the other hand, the local currency ended the day at 52.43 against the dollar from 52.38 a day ago, following weaker retail sales data of the US.
It traded between 52.6 and 52.29, resulting in an average of 52.439.
Volume reached USD 756.9 million Friday from USD 1.097 billion the previous day.
