Peso ends sideways vs. USD; stocks index slips

Peso ends sideways vs. USD; stocks index slips

MANILA – The peso ended Wednesday sideways against the US dollar, but the Philippine Stock Exchange index (PSEi) slipped after a three-day rally ahead of major central banks’ policy decisions.

The main stocks index shed 1.19 percent, or 71.59 points, to 5,946.62 points.

All Shares followed with a drop of 0.72 percent, or 25.76 points, to 3,565.81 points.

Most of the sectoral counters also ended the day on the red, led by the Industrial with a decline of 1.68 percent.

Holding Firms fell by 1.32 percent, Financials by 1.03 percent, Property by 0.71 percent, and Services by 0.48 percent.

Only the Mining and Oil rose during the day after it jumped by 0.71 percent.

Volume totaled to 652.40 million shares amounting to PHP5.36 billion.

Losers led gainers at 97 to 87, while 52 shares were unchanged.

“Local shares were sold ahead of a policy update by the Federal Reserve, Bank of Japan (BoJ), and Bank of England (BoE) and increased tension from the US trade war,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Policy meeting of the Fed for this month is scheduled from Sept. 15-16; the BoJ, Sept. 16-17; and BoE, Sept. 17.

Other factors for the local bourse’s performance for the day include reports about the World Trade Organization’s (WTO) finding that US’ 2018 tariffs against China violated international rules, US’ decision to remove the 10-percent aluminum tariff it slapped on Canada last month, and developments on studies and production for possible coronavirus disease 2019 (Covid-19) vaccine.

Meanwhile, the local currency finished the day at 48.385, little changed against its 48.4 close a day ago.

It opened the day at 48.43, sideways from its 48.48 start in the previous day.

It traded between 48.45 and 48.35, resulting in an average of 48.394.

Volume totaled to USD631.95 million, lower than the USD884.3 million a day ago. (PNA)

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