Stocks slip, peso ends sideways vs. USD

Stocks slip, peso ends sideways vs. USD

MANILA – The peso ended Wednesday sideways against the US dollar but the Philippine Stock Exchange index (PSEi) ended in the negative territory.

The main equities index finished Wednesday’s trade down by 0.37 percent, or 22.11 points, to 5,931.33 points.

All Shares trailed with a drop of 0.12 percent, or 4.36 points, to 3,544.24 points.

Most of the sectoral indices also closed the day with losses, led by the Property counter with a decline of 1.33 percent.

It was followed by Industrial, 0.48 percent; Financials, 0.24 percent; and Services, 0.17 percent.

On the other hand, Mining and Oil rose by 0.46 percent and Holding Firms by 0.28 percent.

Volume totaled 1.22 billion shares amounting to PHP4.91 billion.

Advancers led decliners at 101 to 89, while 51 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the PSEi’s close to mixed macro data, with US reporting almost 14-year high home sales last July despite a drop in consumer confidence.

“China-US tensions ease after trade deal phone call, with both (White House trade advisor Peter) Navarro and (US President Donald Trump’s chief economic adviser Larry) Kudlow commenting that China (is) living up to their end of the day,” he added.

Meanwhile, the local currency finished the day at 48.52, little changed from its 48.5 close a day ago.

It opened the day flat at 48.52 and traded between 48.55 and 48.515. The average level for the day stood at 48.53.

Volume totaled USD481.5 million, lower than the previous session’s USD674.6 million. (PNA)

Leave a Reply