PH stocks slip anew as peso ends sideways vs. greenback

PH stocks slip anew as peso ends sideways vs. greenback

MANILA – Philippine Stock Exchange index (PSEi) slid for the fourth consecutive day Wednesday as investors train their eyes on the news about coronavirus disease (Covid-19) vaccine distribution, among others, while the peso ended sideways against the greenback.

The PSEi declined by 0.77 percent, or 55.15 points, to 7,143,30 points.

All Shares were down by 0.45 percent, or 19.62 points, to 4,300.12 points.

Mining and Oil registered the biggest drop among the sectoral counters after sliding by 2.19 percent.

It was followed by Holding Firms, 1.21 percent; Industrial, 1.07 percent; Property, 0.80 percent; and Financials, 0.79 percent.

Only the Services index gained during the day after it rose by 1.34 percent.

Volume totaled 121.68 billion shares amounting to PHP13.10 billion.

Losers surpassed gainers at 137 to 91 while 40 shares were unchanged.

“Blue chip shares of the Philippines were sold down again as investors went for risker assets in the anticipation of fast vaccine distribution and another round of fiscal aid ahead,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He said investors are also monitoring the confirmation hearing of former Federal Reserve chair Janet Yellen, who was nominated by US President-elect Joe Biden as Treasury Secretary.

On the other hand, the peso ended the day sideways against the US dollar at 48.078 from 48.075 a day ago.

It opened the day’s trade at 48.06, almost unchanged from the previous session’s 48.08 start.

It traded between 48.082 and 48.055, resulting in an average of 48.069.

Volume totaled USD650.6 million, higher than day-ago’s USD418.7 million. (PNA

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