Philippine Stock Market Dips as Investors Cash Out, Peso Gains Ground

In Manila, the Philippine Stock Exchange index (PSEi) experienced a decline of 1.39 percent, closing at 6,154.99, while the All Shares index also dropped by 0.63 percent to 3,663.64 on the final trading day of the week. Luis Limlingan, head of sales at Regina Capital Development Corp., noted that investors were securing profits in anticipation of the long weekend, influenced by the recent consumer price index (CPI) report and international events. The market saw a broad decline with sectors like Services, Holding Firms, and Industrial suffering the most significant losses. The number of stocks that decreased in value outnumbered those that increased, with a ratio of 115 to 75. On a brighter note, the Philippine peso appreciated against the US dollar, ending the day at 58.03, an improvement from its last close of 58.18. The peso fluctuated between 57.95 and 58.09 during the day, with a weighted average of 58.01. Trading volume decreased to USD1.28 billion from the previous USD1.51 billion.