Stocks index down on capital flights as peso steady vs. USD

Stocks index down on capital flights as peso steady vs. USD

MANILA – The Philippine Stock Exchange index (PSEi) dropped for the third consecutive day Tuesday as investors opted for safe haven assets while the peso remained on firm footing against the US dollar.

The main equities index shed 0.16 percent, or 10.13 points, to 6,359.15 points.

All Shares slipped by 0.41 percent, or 16.18 points, to 3,906.82 points.

Most of the sectoral counters tracked the main index, led by Mining and Oil after it fell by 2.29 percent.

It was trailed by the Property index, 0.81 percent; Industrial, 0.39 percent; Services, 0.16 percent; and Holding Firms, 0.08 percent.

Only the Financials index gained during the day after rose by 0.27 percent.

The volume of trade reached 3.2 billion amounting to PHP4.63 billion.

Losers led gainers at 149 to 57, while 43 shares were unchanged.

“Philippine shares closed slightly lower as investors returned into the US, while shares tied to economic reopening rallied on relaxed pandemic restrictions,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan also cited the rise in other regional shares after “Chinese economic figures and US vaccination rate pointed to a strong rebound in demand in the world’s two largest economies.”

Meanwhile, the peso ended the day at 48.038 from 48.05 a day ago.

It opened the trade at 48.05 and ranged between 48.07 and 48.02.

The average level for the day stood at 48.043.

Volume totaled USD730.7 million, lower than the previous day’s USD885.2 million. (PNA)

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