Stocks dip anew; peso stays firm vs. USD

Stocks dip anew; peso stays firm vs. USD

MANILA – The local stock barometer declined into the negative territory on Tuesday due to anxieties on the developments on coronavirus disease (Covid-19) but the peso managed to stay firm against the US dollar.

The Philippine Stock Exchange index (PSEi) lost 0.48 percent, or 28.31 points, to 5,910.64 points.

This was tracked by all the other counters, with All Shares down by 0.42 percent, or 15.09 points, to 3,543.73 points.

Industrial index registered the biggest drop among the sectoral gauges after it fell 1.41 percent.

Financials slipped by 1.11 percent; Mining and Oil, 0.41 percent; Holding Firms, 0.38 percent; Property, 0.17 percent; and Services, 0.06 percent.

Volume totaled 2.09 billion shares amounting to PHP8.08 billion.

Losers led gainers at 144 to 57, while 53 shares were unchanged.

“Local shares continued to slide on continued speculation about President Donald Trump’s response to Covid-19 treatments and concerns for additional fiscal stimulus, both potentially poised to blunt the pandemic’s toll,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Trump, who tested positive for Covid-19, returned to White House Tuesday after a three-night stay in Walter Reed National Military Medical Center.

However, more of his aides tested positive for the virus.

Meanwhile, the peso ended the day at 48.38 against the greenback, little changed from its 48.405 close Monday.

It opened the day stronger at 48.35 from day-ago’s 48.46.

It traded between 48.42 and 48.33, resulting in an average of 48.377.

Volume totaled to USD658.2 million, higher than the previous day’s USD499.3 million.  (PNA)

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