THE stock market ended lower week on week following a mixed performance since Monday, with the benchmark index nearing the support level of 6,400 after declining for the second day in a row, with the peso likewise losing against the greenback on Friday.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) had plunged by 30.53 points, or 0.47 percent, to close at 6,511.93.

The broader All Shares index also dropped by 4.42 points, or 0.13 percent, to 3,477.13.

Luis Limlingan, managing director at Regina Capital Development Corp., said Philippine shares extended their losses as investors remained cautious amid "persistent concerns over inflation and elevated interest rates."

Inflation for April slightly picked up to 3.8 percent from the preceding month's 3.7 percent, fueling worries about a "higher-for-longer" interest rate environment.

Philstocks Financial Inc. research associate Claire Alviar, meanwhile, said the PSEi closed in the red as traders continued to digest the country's first-quarter growth data, which came in at a slower-than-expected rate of 5.7 percent.

The GDP figure, which was below the government's 6.0- to 7.0-percent target, forced investors to remain on the sidelines for Friday's session, Alviar added.

Market participation was weak, resulting in a net market value turnover of P3.37 billion.

Most sector indices ended in red territory, with property declining the most by 0.94 percent. On the other hand, the mining and oil index was the biggest gainer, up 0.97 percent.

Advancers outnumbered decliners, 109 against 84, while 48 were unchanged.

Meanwhile, the Philippine currency ended the week weaker against the greenback, closing at P57.42 against the dollar on Friday, down by four centavos from P57.38 on Thursday, data from the Bankers Association of the Philippines showed.

It opened trading at P57.30:$1, ranging from P57.255 to P57.44 during the session. Volume reached P1.029 billion, slightly lower than the P1.097 billion recorded in the previous session.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened after it was reported that the national government's debt-to-GDP ratio rose slightly to 60.15 percent in the first quarter of 2024.

He added that the slower-than-expected GDP growth data of 5.7 percent for the first three months of the year likewise weighed on currency investors' sentiment.

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