ASEAN KEY DESTINATIONS
Philippine stocks close lower
At the Philippine Stock Exchange, the composite index lost 19.90 points, or 0.46 percent to 4,292.11, while the broader all-shares index slid 4.04 points, or 0.13 percent to 3,002.72. Advancers beat decliners, 67 to 65, while 45 stocks were unchanged. A total of 6.47 billion stocks worth P5.13 billion changed hands.
“[The] volatility in the global equity markets capped the market’s gains, as local investors fear that further volatility in the global markets may worsen,” said Jonathan Ravelas, chief market strategist of BDO Unibank Inc.
Week on week, local stocks gained 1.73 percent on favorable first quarter earnings results. “Aside from the monetary policy and inflation pressures, the increasing prices of commodities were perceived to hurt the slow but steady pace of recovery of most countries,” said Maria Arlysa Narciso of AB Capital Securities Inc.
Asian currencies, including the peso, tumbled Friday as lackluster economic news from the US and China kept emerging markets in check.
At the Philippine Dealing System, the local unit lost 1.5 centavos to close at 43.125 during the last trading day for the week from 43.11 on Thursday.
The dollar-peso pair opened at 43.15, trading to a high of 43.25 and a low of 43.11. Total trading volume surged to $1.046 billion from $855.55 million the previous trading day.
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