Stocks index slips anew; peso climbs to 47-level

Stocks index slips anew; peso climbs to 47-level

MANILA – The local stock barometer slipped anew Thursday on investors’ preference for US assets while the peso registered its more than two-and-a-half-month high against the US dollar after closing at the 47-level, partly due to employment data improvement.

The Philippine Stock Exchange index (PSEi) lost 0.27 percent, or 16.91 points, to 6,282.78 points.

All Shares slipped by 0.07 percent, or 2.78 points, to 3,879.65 points.

Half of the sectoral counters gained during the day while the other half tracked the main index.

Property rose by 1.46 percent, Industrial by 0.63 percent, and Financials by 0.27 percent.

On the other hand, Holding Firms shed 1.65 percent; Mining and Oil, 1.28 percent; and Services, 0.34 percent.

Volume totaled 13.84 billion shares amounting to PHP5.28 billion.

Losers led gainers at 126 to 77, while 44 shares were unchanged.

Meanwhile, the peso finished the day sideways but climbed to the 47-level against the US dollar after ending the day at 47.98 from the previous day’s 48.025.

It opened the day at 48 and traded between 48.025 and 47.935, resulting in an average of 47.979.

Volume reached USD978.05 million, lower than the previous day’s USD1.2 billion.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the peso closed at its highest since February 15, when it ended the trade at 47.93.

“(Its close on Thursday was) also among the strongest in 4.5 years or since Sept. 25, 2016, after new Covid-19 (coronavirus disease 2019) local cases continued to ease, to among the lowest in 1.5 months recently,” he said.

The Department of Health (DOH) reported Tuesday that new daily cases reached 5,683, lower than the previous day’s 7,255.

However, daily cases rose to 5,685 on May 5 and 6,637 on May 6.

Ricafort also attributed the peso’s strength to the Philippine Statistics Authority’s report on the decline in unemployment rates last March to 7.1 percent from the previous month’s 8.8 percent, and the compromise agreement between lawmakers and the economic team regarding the proposed cut in pork import tariff and import volumes.

He forecast the peso’s next support level to be about 47.80 and 47.90. (PNA)

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