Peso nearly unchanged as stocks dip on rising Covid-19 cases

Peso nearly unchanged as stocks dip on rising Covid-19 cases

MANILA – The rise in domestic coronavirus disease 2019 (Covid-19) cases continued to dampen investors’ sentiment resulting in the negative close of the Philippine Stock Exchange index (PSEi) Monday, but the peso managed to remain afloat.

The main equities index shed 0.64 percent, or 40.93 points, to 6,395.17 points.

All Shares followed with a drop of 0.56 percent, or 21.70 points, to 3,887.71 points.

Most of the sectoral counters tracked the main gauge, led by Mining and Oil after it fell by 2.82 percent.

It was trailed by Industrial, 1.43 percent; Property, 1.36 percent; Financials, 0.74 percent; and Holding Firms, 0.51 percent.

Only the Services index gained during the day after it rose by 0.75 percent.

Volume totaled 2.48 billion shares amounting to PHP6.3 billion.

Losers led gainers at 172 to 53, while 33 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said the sustained rise in US treasuries continues to drive demand for safe haven assets.

Meanwhile, the peso ended the day sideways against the US dollar at 48.58 from 48.62 last Friday.

It opened the day at 48.59 and traded between 48.62 and 48.56.

The average level for the day stood at 48.584.

Volume totaled USD634.8 million, higher than the previous session’s USD588.6 million. (PNA)

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