MANILA – The Philippine Stock Exchange index (PSEi) closed in the red territory, while the local currency finished strong on the last trading day for this week.
The PSEi shed 1.37 percent closing at 7,310.32 points and All Shares also went down by 0.55 percent to 4,015.16.
All sectoral indices also closed in the red, with the biggest losses coming from Property, down 2.2 percent, followed by Services, down by 1.7 percent; Mining and Oil, down by 1.44 percent; Holding Firms, down by 1.36 percent; Financials, down by 1.04 percent; and Industrial, down by 0.28 percent.
“Negative spillovers from Wall Street is seen as one of the downsides in today’s session. This is as the US’ September inflation came in above expectations, tempering hopes of a fast-paced policy easing by the Federal Reserve,” Philstock Financials, Inc. research manager Japhet Tantiangco said.
“The peso which has remained below the 57.00 per US Dollar level also weighed on the bourse,” he added.
Decliners outnumbered gainers at 131 to 72, with 44 counters remaining unchanged.
Meanwhile, the Philippine peso strengthened to 57.21 against the US dollar from 57.37 to the greenback in the previous trading.
It opened weak at 57.30 and traded between 57.11 and 57.33 to the dollar.
The average level for the day stood at 57.22 to the greenback.
Volume of trade fell to USD1.33 billion from USD1.57 billion. (PNA)
