MANILA – The local stock barometer declined on Friday following negative cues from Wall Street, while the peso closed stronger against the dollar.
The Philippine Stock Exchange index (PSEi) shed 88.53 points, closing at 6,605.30, while All Shares fell 32.28 points to 3,596.90.
"Along with our Asian peers, the local bourse slid by 88.53 points (1.32%) to close at 6,605.30 following the negative cues from Wall Street amid recession fears in the US," Philstock Financials, Inc. research associate Claire Alviar said.
"Given some dismal economic data in the US, investors were worried that the Federal Reserve might now be late in easing monetary policy, potentially leading to recession. Back at home, the Philippines’ S&P Global Manufacturing PMI in July still registered an expansion at 51.2, however, it was slightly lower than the prior month’s 51.3," Alviar added.
All sectors were in the red with Services suffering the biggest loss, declining by 1.97 percent.
Decliners led advancers at 112 to 59, leaving 53 unchanged.
Meanwhile, the peso closed at 58.08 against the dollar, up from Thursday's 58.333 finish.
It opened at 58.3 and traded between 58.08 to 58.34.
The weighted average was at 58.233.
Volume of trade rose to USD1.35 billion from USD1.11 billion the previous day. (PNA)
