In Manila, Philippine stocks experienced a decline on Friday as investors assessed the hawkish stance of the US Federal Reserve, while the peso displayed signs of weakness.
The benchmark Philippine Stock Exchange index (PSEi) dropped 0.79%, or 52.66 points, closing at 6,625.26, and the broader All Shares index declined by 0.57%, or 20.08 points, settling at 3,526.92.
Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., noted that the US dollar was expected to rebound from a near-term support level, indicating potential downside risks for stock market investors.
Ravelas predicted that the PSEi would remain within the range of 6,500 and 6,700, with a possible test of the P55/P55.25 levels in the near future.
On Friday, trading volume decreased as 635.55 million shares, valued at P2.91 billion, were exchanged. Net foreign selling reached P107.9 million.
The mining and oil sector saw a 0.22% increase, while other subsectors experienced a pullback. Losers included industrial (-1.30%), financials (-0.97%), services (-0.87%), holding firms (-0.45%), and property (-0.30%).
Ayala Land Inc. was the most actively traded stock, rising by 0.18% to P27.50 per share.
Meanwhile, BDO Unibank Inc. declined by 1.14% to P147; Bank of the Philippine Islands fell by 0.78% to P115.10; SM Investments Corp. dropped by 0.43% to P918; and International Container Terminal Services Inc. decreased by 0.94% to P211 per share.
Jollibee Foods Corp. also experienced a decline of 2.70% to P252; ACEN Corp. dropped by 3.96% to P5.33; Universal Robina Corp. declined by 1.66% to P124.50; and GT Capital Holdings Inc. fell by 0.09% to P540 per share.
According to data from the stock exchange, there were 103 losers compared to 69 advancers, while 54 companies closed with no changes.
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