THE peso and stock market ended the trading week lower as investors awaited monetary policy decisions next week.
The currency weakened by 23 centavos to P58.47 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) dropped 24.84 points, or 0.37 percent, to 6,616.51.
The broader All Shares shed 3.34 points, or 0.09 percent, to 3,752.73.
The peso opened at the day’s low of P58.25:$1 and traded as high as P58.5. Volume rose to P1.570 billion from P1.341 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso fell as the dollar gained against major global currencies.
Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said “the local market took cues from Wall Street’s decline overnight driven by the US’ November producer price inflation which came in higher than expected.”
“The peso’s weakening against the US Dollar also weighed on the bourse,” he added.
Tantiangco said the trading was “anemic” with net value turnover at P3.92 billion, below the year-to-date average of P5.17 billion.
“Foreigners were net sellers with net outflows at P601.88 million,” he added.
Sector indices were mixed with mining and oil gaining the most by 0.91 percent while holding firms had the biggest loss of 1.29 percent.
On a company basis, gainers outnumbered decliners, 103 to 88, while 52 were unchanged.
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