The Philippine stock market ended the trading week mostly in the red territory as concerns over the continued weakness of the Philippine peso and rising global oil prices.

On Friday, September 11, the benchmark Philippine Stock Exchange Composite Index (PSEi) declined by 21.87 points, or 0.36%, for the week, closing at 6,061.81. This was lower than Monday, September 7’s close of 6,083.68, bringing the index below the 6,100 level.

On a week-on-week basis, the PSEi also fell by 0.47%, or 28.79 points, from its previous week’s close of 6,090.60.

According to Japhet Tantiangco of Philstocks Financial, as cited by an Inquirer report, the local stock market’s decline was primarily driven by concerns over another potential surge in oil prices, with Brent crude reportedly climbing above $100 per barrel. Investors were also increasingly concerned about the continued weakness of the Philippine peso.

Meanwhile, most sectoral indices finished the week in negative territory, with the Property index emerging as the lone gainer. It posted a slim increase of 0.004%, or 0.07 point, to close at 1,842.23.

The Mining and Oil index suffered the biggest decline, dropping 3.27%, or 726.73 points, to 21,493.49. It was followed by the Financials index, which fell 1.58%, or 29.89 points, to 1,862.76.

The Holding Firms index likewise declined by 1.15% to close at 4,196.87, while the broader All Shares index shed 0.74%, or 24.91 points, to finish at 3,358.40.

The PSEi posted a 0.61% decline for Friday’s trading session alone, closing at 6,061.81. The Industrial and Services indices registered more modest losses of 0.31% and 0.14%, respectively, ending at 7,899.70 and 3,388.25.

Most stocks remained heavily negative, with 144 decliners outnumbering 51 advancers, while 54 stocks were unchanged.

Total trading volume reached 1,552,889,040 shares, with a total value turnover of ₱32.70 billion.

Among the biggest decliners was Easycall Communications Philippines, Inc. (ECP), which plunged 16.13% to ₱2.60 per share. LMG Corp. (LMG) followed with a 15.28% drop to ₱0.305, while PH Resorts Group Holdings, Inc. (PHR) declined 12.15% to ₱0.159 per share.

On the other hand, Prime Media Holdings, Inc. (PRIM) led the advancers, climbing 15.53% to ₱1.19 per share. LBC Express Holdings, Inc. (LBC) rose 13.74% to ₱8.03, while Alliance Select Foods International, Inc. (FOOD) gained 12.31% to ₱0.365 per share.

With the peso continuing to trade near record-low levels and global oil prices adding pressure to inflation expectations, investors remain cautious as the Philippine market heads into the next trading week.