PSEi, peso end sideways on US stimulus developments

PSEi, peso end sideways on US stimulus developments

MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso ended sideways on Tuesday as investors awaited developments on the Biden administration’s stimulus plan.

The main equities index rose by 0.06 percent, or 4.33 points, to 6,814.67 points.

All Shares declined by 0.33 percent, or 13.51 points, to 4,141.72 points.

Most of the sectoral indexes also ended the day in the negative territory, with Mining and Oil posting the biggest decline of 1.24 percent.

It was trailed by Financials, 0.93 percent; Industrial, 0.79 percent; Services, 0.69 percent; and Property, 0.56 percent.

Only the Holding Firms index posted gains during the day after it jumped by 1.14 percent.

Volume totaled 25.51 billion shares amounting to PHP10.67 billion.

Losers led gainers at 171 to 64, while 37 shares were unchanged.

“Philippine shares closed flat as investors remained cautious that a large federal stimulus would be enough to jumpstart the US economy,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Meanwhile, the peso finished the day’s trade at 48.64 from 48.7 close a day ago.

It opened the day at 48.72, weaker than its 48.44 start in the previous session.

It traded between 48.76 and 48.64, resulting in an average of 47.701.

Volume reached USD1.22 billion, lower than the USD1.29 billion a day ago. (PNA)

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