PSEi ends week with a downslide

The Philippine Stock Exchange index (PSEi) finished the trading week red as the weaker peso and worries about the country’s fiscal health muted investor confidence.

The local stock barometer on Friday declined by 1.09 percent or 65.94 points to close at 5,988.02.

The broader All Shares Index also slipped by 0.81 percent or 29.47 points to 3,608.11.

All sectors ended in the red, with mining and oil and financials recording the biggest losses.

“The local market dropped this Friday driven primarily by the weakness of the local currency against the US dollar,” Philstocks financial research manager Japhet Tantiangco said.

This was echoed by Rizal Commercial Banking Corp. chief economist Michael Ricafort. He said the peso continued to weaken, nearing the record high of P59 last seen on Dec. 19, 2024.

The Philippine peso lost more ground against the greenback on Friday, closing at P58.625.

“Investors also digested the latest data on the government’s fiscal position, which posted a decline on both revenue and expenditures,” Tantiangco added.

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Ricafort also cited the persistent trade tensions between major economies, particularly the US, China and Canada. He likewise said the rising global crude prices triggered by US sanctions against Russian oil companies had dampened market sentiments.

Meanwhile, the market closed with 75 gainers, 123 decliners and 49 remained unchanged.

Aboitiz Equity Ventures, Inc. was the top index gainer, increasing 1.41 percent to P28.74. Bank of the Philippine Islands, on the other hand, was the worst index performer, dropping 4.29 percent to P100.50.