Stocks slip again; peso stays firm vs. dollar

Stocks slip again; peso stays firm vs. dollar

MANILA – The local stock barometer slipped anew Wednesday due to economic recovery concerns while the peso continued its firm footing against the US dollar.

The Philippine Stock Exchange index (PSEi) shed 0.21 percent, or 15.26 points, to 7,242.85 points.

All Shares ended the day sideways with a drop of 0.07 percent, or 2.83 points, to 4,334.93 points.

Most of the sectoral gauges tracked the main index, led by the Property index which fell by 1.17 percent.

Industrial index slipped by 0.45 percent, Services by 0.17 percent, and Holding Firms by 0.15 percent.

The Mining and Oil index gained by 2.13 percent and Financials by 1.50 percent.

Volume totaled 17.08 billion shares amounting to PHP9.17 billion.

Gainers led losers at 131 to 105, while 37 shares were unchanged.

“Philippine shares closed weaker as investors continued to bet on stimulus and Covid-19 (coronavirus disease 2019) vaccines to fuel a swift economic rebound,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Meanwhile, the peso maintained its sideways close against the US dollar after ending the day’s trade at 48.069 from its 48.051 finish Tuesday.

It opened the day at 48.03 and traded between 48.07 and 48.03.

Average level for the day stood at 48.049.

Volume reached USD635.1 million, higher than the previous session’s USD476.25 million. (PNA)

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