Stocks slip, peso ends sideways

Stocks slip, peso ends sideways

MANILA – The local stock barometer ended Monday in the negative territory but the peso finished sideways against the US dollar

The Philippine Stock Exchange index (PSEi) shed 0.74 percent, or 51.83 points, to 6,918.05 points.

All Shares followed with a drop of 0.25 percent, or 10.18 points, to 4,073.37 points.

Most of the sectoral gauges followed the main index, led by Mining and Oil, which fell 1.69 percent.

Property declined by 1.40 percent, Holding Firms, 0.88 percent; and Services, 0.48 percent.

On the other hand, Industrial rose by 0.41 percent and Financials by 0.12 percent.

Volume totaled 2.36 billion shares amounting to PHP8.77 billion.

Gainers led losers at 119 to 109, while 30 shares were unchanged.

“Philippine shares slumped on fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Amidst the risk-off sentiments, the peso managed to stay firm against the US dollar and finish the day at 48.225 from 48.21 close last Nov. 13.

It opened the day’s trade at 48.16, better than its 48.46 start in the previous session.

It traded between 48.225 and 48.14, resulting in an average of 48.169.

Volume totaled USD565 million, lower than the USD669.1 million at the end of last week. (PNA)

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