PH stocks index falls anew; peso recovers

PH stocks index falls anew; peso recovers

MANILA – Risk-off sentiments continue to reign in the local bourse resulting in the negative close of the main index but the peso was able to recover and finished the trade sideways against the greenback.

The Philippine Stock Exchange index (PSEi) fell by 0.37 percent, or 23.86 points, to 6,415.53 points.

All the other counters also finished the day on the red, with the All Shares down by 0.43 percent, or 16.93 points, to 3,947.41 points.

Mining and Oil shed 3.45 percent, Financials, 0.69 percent; Industrial, 0.60 percent; Services, 0.39 percent; Holding Firms, 0.30 percent; and Property, 0.20 percent.

Volume of trade reached 3.66 billion amounting to PHP5.65 billion.

Losers led gainers at 127 to 71 while 46 shares were unchanged.

“Philippine shares succumbed to profit-taking as investors piled into regional equities most sensitive to an economic recovery,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

He also cited the fluctuation of risks due to earnings reports and news about rising coronavirus disease (Covid-19) cases overseas like in India.

On the other hand, the local currency finished the trade at 48.41 from 48.45 a day ago.

It opened the day at 48.43, weaker than its previous day’s 48.33 start.

It traded between 48.43 and 48.38, resulting in an average of 48.402.

Volume totaled USD595.5 million, lower than the previous session’s USD797.4 million. (PNA)

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