Philippine stocks finished the week in the red, falling slightly below the 6,500 level on cautious signals about future rate cut by the US Federal Reserve.
The 30-company Philippine Stock Exchange index slipped by 15.25 points, or 0.23 percent, to close at 6,496.32 Friday, while the broader all-shares index declined 2.44 points, or 0.06 percent, to settle at 3,754.85.
The US stock markets were closed Thursday in observance of former president Jimmy Carter’s national day of mourning.
Aside from hawkish stance from the Fed and the Bangko Sentral ng Pilipinas, local stocks were also affected by concerns about the protectionist policies to be implemented by US president-elect Donald Trump.
These measures could lead of higher inflation rate, fewer rate cuts and slower global trade.
The peso, however, rebounded Friday to close at 58.36 against the US dollar from 58.50 on Thursday.
Among the PSE’s sectoral indices, only the financials ended in the green, rising 0.55 percent. Holding firms lost the most, declining 0.67 percent.
Value turnover was anemic at just P3.33 billion, with gainers (98) edging decliners (96) and 55 unchanged issues.
Century Pacific Food Inc. was the top index gainer, advancing 2.3 percent to P44.50, while Wilcon Depot Inc. was the worst performer, declining 4.36 percent to P10.54.