NextGen Day

📉 MANILA – The local stock market and the peso closed the week on a weaker note, reflecting the impact of global market trends.

On Friday, the Philippine Stock Exchange index (PSEi) ended at 6,450.84, bouncing back slightly from the previous day’s trading.

According to Claire Aviar, a research associate at Philstocks Financial Inc., the local bourse declined by 125.92 points (1.91 percent) to 6,450.84, following the decline in the US market, triggered by concerns over increasing US bond yields after a credit downgrade.

All shares experienced a decline of 51.88 points, settling at 3,447.61 levels. The Property sector, however, managed to close with gains at 2,761.15, up by 26.63 points.

Among the losers, the Industrial sector saw the steepest drop, shedding 216.89 points, followed by Holding Firms, dropping by 174.55 points; Mining and Oil, by 99.04 points; Services, by 33.69 points; and Financials, by 30.24 points.

Meanwhile, there was some relief onshore as the country’s inflation rate in July reached 4.7 percent, within the Bangko Sentral ng Pilipinas’ (BSP) forecast of 4.1 percent to 4.9 percent. However, worries persist due to the escalating global rice prices, which could pressure the country’s inflation rate.

Alviar noted that selling pressure at the PSE was strong that day, with the net market value turnover at PHP6.52 billion, higher than this year’s average of PHP5.11 billion.

Out of the total counters, 115 ended in the red, while only 58 companies closed in the green. Shares of 44 firms were left unchanged.

The top gainer was ACEN Corp., while San Miguel Corp. suffered the biggest loss.

Meanwhile, the peso experienced a depreciation for three consecutive days, ending the week at 55.74 to a US dollar, compared to the previous day’s close of 55.52. It opened the trading weaker at 55.60 from Thursday’s kick-off at 55.30.

The currency pair traded within the range of 55.55 to 55.78, settling at an average level of 55.68 to the greenback.

The trade volume slightly declined to USD1.14 billion from USD1.28 billion from the previous trading.

Market participants are closely monitoring the developments in the global market and domestic economic indicators to navigate the financial landscape in the coming weeks. 📊💹💱

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