THE peso regained ground on Friday to return to the P55:$1 level, and the stock market managed to stay in 7,000 territory despite last-minute profit-taking.
The currency strengthened by 20 and a half centavos to P55.995 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 1.82 points, or 0.03 percent, to end the trading week at 7,022.85.
The broader All Shares edged down 3.02 points, or 0.08 percent, to 3,788.63.
The peso opened at P56.05:$1 and ranged from P55.94 to P56.1. Volume fell to P1.497 billion from P1.695 billion a day earlier.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said that Friday’s gain came after the dollar fell against major global currencies.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco, meanwhile, said “last-minute profit-taking sent the local market lower this Friday.”
“Investors booked gains from the market’s rise yesterday (Thursday). On a positive note, the market was able to hold its position above the 7,000 level,” he added.
Regina Capital Development Corp. Managing Director Luis Limlingan, for his part, said “Philippine shares wrapped up the day pretty much flat as everyone’s holding their breath ahead of the Fed’s (US Federal Reserve) interest rate call.”
“Despite ending on the red, the PSEi managed to hover above the 7K psychological line, with a 25 bps (basis points) cut from the Fed already baked into most traders’ expectations,” he added.
Sector results were mixed, with the holding firms up the most by 1.19 percent and services suffered the biggest loss of 1.42 percent.
Decliners outnumbered gainers, 96 to 88, while 62 listed firms were unchanged.
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