Local shares slipped on Friday as global crude price continue to rise due to escalating tension between Iran and Israel and uncertainty about possible involvement of United States.
The peso, however, strengthened to 57.17 versus the US dollar from 57.45 on June 19.
The benchmark Philippine Stock Exchange index shed 17.24 points or 0.27 percent to end the week at 6,339.77 while the broader all shares index declined 18.62 points or 0.49 percent to 3,760.56.
Analysts said concerns over the Iran-Israel conflict and with US now weighing on the possibility of getting involved in the conflict, dampened investor sentiment.
“Investors also death with the economic consequences of the conflict including the rise in oil prices and depreciation of the peso,” Philstocks Financial Inc. said.
These concerns offset these positive developments in the local front, including by 25 basis points rate and easing inflation rate.
Meanwhile, the Bangko Sentral ng Pilipinas on Friday said inflation rate could breach 5 percent if global oil benchmarks reach $100 per barrel and peso sharply declines.
As world oil prices remained volatile, local oil firms projected pump prices to go up by more than P4 per liter next week.
Two of six sectoral indices ended in green. Mining and oil rose 5.34 percent while holding firms advanced by 0.23 percent. On the other hand, property declined by 1.64 percent.
Value turnover amounted to P11.96 billion.
Foreign investors turned net sellers with outflows reaching P835.44 million.
Alliance Global Group Inc. emerged as top index gainer, rising by 3.84 percent to P9.46 apiece while GT Capital Holdings Inc. was at the bottom, declining by 4.88 percent to P546 each.
