A jump in global oil prices in the latter part of this week resulted in the negative close of the Philippine Stock Exchange index (PSEi) and the Philippine peso, down to the 62-level, on Friday, Aug. 28.
The local bourse’s main index shed 0.80 percent to 5,956.33 points, and the broader All Shares by 0.61 percent to 3,318.99 points.
Most of the sectoral gauges also finished on the red, namely the Financials, 1.78 percent; Industrial, 1.51 percent; Holding Firms, 0.78 percent; and Property, 0.62 percent.
On the other hand, Mining and Oil rose 1.91 percent and Services, 0.39 percent.
Volume reached 2.22 billion amounting to PHP18.8 billion.
Decliners led advancers at 120 to 88, while 49 shares were unchanged.
Relatively, the local currency shed anew to the US dollar and closed the week at 62.26, from PHP61.88 Thursday.
It opened the day at 62.05, way lower than the 61.71 a day ago.
It traded between 62.27 and 62, bringing the day’s average to 62.20.
Volume reached USD1.96 billion, up from the USD1.79 billion a day ago.
Rizal Commercial Banking Corporation chief economist Michael Ricafort, in a market report, said the peso’s weakness affected trading in the local equities market during the day.
He attributed the local currency’s weakness partly to the jump in global crude oil prices and the wait-and-see stance ahead of the annual Jackson Hole Economic Symposium in Jackson Hole, Wyoming.
He forecast the local unit to trade between 62.15 to 62.35 to a U.S. dollar on Monday.PNA
