Peso, stock market decline cap shortened trading week

THE peso edged down and the stock market also fell as sentiment again soured due to worries over US tariffs and as the country headed into a Holy Week break.

The currency closed at P56.8 to the dollar, weaker by 3 centavos, while the benchmark Philippine Stock Exchange index (PSEi) shed 51.48 points, or 0.83 percent, to end the shortened trading week at 6,134.62.

The broader All Shares, however, gained 10.34 points, or 0.28 percent, to 3,656.99.

Local financial markets will be closed on Thursday and Friday due to the Holy Week holidays. Trading will resume on Monday, April 21.

The peso opened at the day's high of P56.8:$1 and traded as low as P56.5. Volume reached P2.303 billion, higher than Tuesday's P2.125 billion.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the currency slightly weakened as the PSEi fell on tariff concerns.

Philstocks Financial Inc. research manager Japhet Tantiangco said "the local bourse pulled back this Wednesday as investors took a cautious stance, booking gains ahead of the long weekend."

"The local market also took cues from Wall Street's overnight decline," he added.

Tantiangco described the day's trading as "tepid" as net value turnover was P3.67 billion, lower than the year-to-date average of P5.41 billion.

"Foreign investors turned sellers with net outflows at P11.66 million," he added.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "local shares ended the Holy Week-shortened trading week in the red as investors booked profits amid low volumes."

"On the economic front, markets absorbed the latest OFW (overseas Filipino worker) remittance data, which rose 2.7 percent to $2.72 billion — its slowest pace in nine months — amid seasonal headwinds and global uncertainty," he added.

All sector indices but two closed in the red, with services down the most by 1.86 percent. Mining and oil, and industrial rose 0.71 percent and 0.17 percent, respectively.

On a company basis, gainers outnumbered decliners, 110 to 79, while 51 were unchanged.