Philippine stocks slip 2.5%, peso strengthens amid US stimulus wait

The Philippine stock market showed mixed performance on Friday, ending a three-day rally due to investors' cautious stance on the US stimulus package approval.

Despite earlier gains across all sectors and indices this week, local stocks slipped by 2.50 percent with the PSEi closing at 5,266.62 points, while volume totaled PHP7.95 billion.

The Philippine peso remained resilient, ending the week at 51.00 against the US dollar, slightly stronger than Thursday's close of 51.07.

Regina Capital Managing Director Luis Limlingan attributed the risk-off sentiment to concerns over record jobless claims in the US and the economic impact of work stoppages due to the coronavirus pandemic.

The Philippine market is awaiting approval of the US stimulus package, which was passed by the Senate late Wednesday with an anticipated House vote scheduled for Friday.