Stocks, peso nearly flat on investors’ wait-and-see stance

Stocks, peso nearly flat on investors’ wait-and-see stance

MANILA – Investors’ wait-and-see stance following the earnings report season in the US and developments on the pandemic resulted in the sideways close of both the local main equities index and the peso on Monday.

The Philippine Stock Exchange index (PSEi) lost 0.03 percent, or 1.59 points, to 6,369.28 points.

All Shares slipped by 0.001 percent, or 0.03 points, to 3,923.00 points.

Half of the sectoral gauges gained during the day namely Mining and Oil and Holding Firms, both of which rose by 0.33 percent, and the Financials index, 0.25 percent.

On the other hand, the Industrial index went down by 0.54 percent, Services by 0.13 percent, and Property by 0.11 percent.

Volume totaled 3.03 billion shares amounting to PHP4.4 billion.

“Local shares started the month of May on a soft note as one of the busiest weeks of 1Q21 (first quarter) earnings came to a close in the US, while the Philippine geared for more corporate releases,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Outside Asia, “investors took profit amid a flurry of reports and robust profit beat from e-commerce giant Amazon,” he said.

“Many also remained on the sidelines as concerns of wider lockdown in India and Brazil offset a bullish outlook on summer fuel demand and economic recovery,” he added.

Meanwhile, the peso finished the day at 48.05 from 48.1 last Friday.

It opened the trade at 48.1, an improvement from its 48.27 start in the previous session.

It traded between 48.135 and 48.022, resulting in an average of 48.088.

Volume totaled USD885.2 million, lower than the previous trading’s USD1.19 billion. (PNA)

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