Stock index slips anew, peso ends sideways

MANILA – The Philippine Stock Exchange index (PSEi) slipped for the third consecutive day Thursday while the peso ended sideways against the greenback on pandemic-related worries.

The main stocks index shed 0.80 percent, or 46.92 points, to 5,845.80 points.

All Shares followed with a 0.65 percent, or 23.19-point decline, to 3,521.95 points.

Most of the sectoral indices also ended on the red, led by the Mining and Oil, which fell by 2.20 percent.

Holding Firms trailed after dropping by 1.69 percent; Property, 0.99 percent; and Financials, 0.35 percent.

Services improved by 0.69 percent and Industrial by 0.27 percent.

Volume totaled 1.07 billion shares amounting to PHP4.05 billion.

Decliners surpassed advancers at 120 to 76, while 31 shares were unchanged.

“Local shares retreated along with the slack Global Services PMIs and the cautious note from the Fed(eral) Reserve as market participants struggled to shake off worries about a lack of a coronavirus aid package and rising Covid-19 cases,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Among others, Markit US Manufacturing Purchasing Managers Index (PMI) for September 2020 is in line with expectations at 53.50 while the Markit US Services PMI for the same month is 54.6, lower than expectations of a 54.7 print.

The Markit Eurozone Manufacturing PMI for September is 53.7, higher than the consensus of 51.9. while Markit Eurozone Services PMI for September is 47.6, lower than expectations of a 50.6 print.

Meanwhile, the peso ended the day sideways at 48.56 to a US dollar from 48.47 a day ago.

It opened the day’s trade at 48.6, also sideways from the 48.52 start in the previous session.

It traded between 48.61 and 48.51, resulting in an average of 48.545.

Volume totaled to USD585.15 million, higher than the previous day’s USD580.05 million. (PNA)

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