ANOTHER DECLINE. Anticipations for further increases in the Federal Reserve's key rates result in another decline for the Philippine Stock Exchange index (PSEi) on Friday (April 22, 2022). However, the peso managed to end the week sideways against the US dollar. (PNA file photo)
MANILA – The main stocks index finished the week down on investors’ anticipation of further hikes in the Federal Reserve’s key rates but the peso kept its footing against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 0.89 percent, or 62.90 points, to 6,998.59 points.
The negative close of the main gauge was tracked by other indices, with All Shares down by 0.82 percent, or 30.94 points, to 3,721.60 points.
Industrial registered the highest drop among the sectoral gauges after it slipped by 1.90 percent, followed by Property, 1.48 percent; Mining and Oil, 0.64 percent; Financials, 0.63 percent; Holding Firms, 0.35 percent; and Services, 0.19 percent.
Volume remained thin at 450.5 million shares amounting to PHP4.82 billion.
Decliners surpassed advancers at 100 to 79, while 44 shares were unchanged.
“The PSEi fell once again on rising Treasury yields that overshadowed solid earnings reports from the likes of Tesla,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
Limlingan said the rate of the US benchmark 10-year Treasury traded over 2.9 percent during the session, which is near its highest since late 2018.
This was after Federal Reserve Chairman Jerome Powell signaled aggressive rate increases in the coming months following the 25 basis points increase last March.
Meanwhile, the local currency closed the week sideways against the US dollar at 52.315 from its 52.365 finish on Thursday.
It opened the day at 52.44 and traded between 52.45 and 52.215, averaging at 52.337.
Volume reached USD1.28 billion, lower than the previous session’s USD1.34 billion. (PNA)
