Stocks recover, peso ends sideways vs. USD

Stocks recover, peso ends sideways vs. USD

MANILA – The Philippine main equities index regained its footing Wednesday while the peso ended sideways against the US dollar as investors continue to be wary of the rising coronavirus disease 2019 (Covid-19) worldwide.

After a two-day slide, the Philippine Stock Exchange index (PSEi) rose by 0.29 percent, or 18.10 points, to 6,285.50 points.

All Shares also ended on a positive note after rising by 0.16 percent, or 5.92 points, to 3,683.75 points.

However, most of the sectoral gauges slipped except for Holding Firms, which rose by 1.20 percent, and Services, 0.67 percent.

Mining and Oil posted the highest drop with 1.17 percent and was trailed by Industrial, 1.00 percent; Property, 0.74 percent; and Financials, 0.39 percent.

Volume totaled 2.4 billion shares amounting to PHP8.7 billion.

Losers surpassed gainers at 106 to 82, while 44 shares were unchanged.

“Investor traded most of the session on the red before bargain hunters picked up some key index names as investors grew wary of the economic, public health, and policy responses to the coronavirus pandemic,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Limlingan said appetite for equities weakened initially due to the White House’s stand that the next round of stimulus package will amount to only USD1 trillion or less.

He added Federal Reserve’s officials’ statement that the rising cases of infection bring additional challenges further disadvantaged trading for the day.

Meanwhile, the peso ended the day at 49.47 to a US dollar from 49.54 a day ago.

It opened the day weaker at 49.54 from 49.35 Tuesday.

It traded between 49.63 and 49.46, bringing the day’s average to 49.55.

Volume totaled to USD760.73 million, lower than the USD1.1 billion a day ago. (PNA)

Leave a Reply