PSEi falters on fresh oil, peso woes

Local stocks slipped on Friday as surging global oil prices and the peso’s slide to another record low kept investors on edge over renewed inflation risks.

The benchmark Philippine Stock Exchange Index (PSEi) shed 0.03 percent, or 2.11 points, to close at 6,281.01.

Philstocks Financial Inc. research manager Japhet Tantiangco said sentiment was weighed down by Brent crude hitting $100 per barrel and the further weakening of the local currency to record lows.

“If sustained, both are expected to pose upside risks to inflation,” Tantiangco said.

Luis Limlingan, head of sales at Regina Capital Development Corp., said investors also remained cautious as they assessed the impact of the new US tariffs on the Philippines.

“Sentiment was weighed down by uncertainty over the potential effects of higher trade costs on the domestic economy and corporate earnings,” Limlingan said.

The stock barometer, however, managed to erase most of its losses as bargain hunters stepped in during the final minutes of trading.

Still, participation remained muted. Net value turnover reached only P5.37 billion, reflecting investors’ caution.

Foreign investors also stayed on the sidelines, ending the session as net sellers with P48.19 million in net outflows.

Sectoral performance was mixed. Services led the gainers after rising 1.03 percent, while banks posted the steepest decline, falling 1.38 percent.

Among index members, Century Pacific Food Inc. emerged as the top performer, climbing 3.33 percent to P31 per share.

Meanwhile, Semirara Mining and Power Corp. was the biggest laggard, shedding 3.97 percent to P21.75.

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