Peso almost unchanged; stocks slip still on inflation concerns

Peso almost unchanged; stocks slip still on inflation concerns

MANILA – The local main equities index shed Tuesday partly on inflation concerns in the US while the peso remained firm against the greenback.

The Philippine Stock Exchange index (PSEi) lost 0.62 percent, or 38.84 points, to 6,244.74 points.

All Shares dipped by 0.36 percent, or 14.02 points, to 3,847.39 points.

Most of the sectoral gauges also finished the day in the negative territory, led by the Property after it fell by 1.34 percent.

It was trailed by the Financials, 1.12 percent; Industrial, 1.10 percent; and Holding Firms, 0.60 percent.

On the other hand, Services rose by 1.60 percent and Mining and Oil, 0.97 percent.

Volume totaled 2.63 billion shares amounting to PHP6.2 billion.

Decliners led advancers at 139 to 70, while 50 shares were unchanged.

“Philippine shares continued to drift as inflation concerns and dwindled tech stocks continued to weigh on global equity markets,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan also cited the rise in price of gold in the international market to its three-month high due to the drop in US Treasury yields and inflation upticks in the US.

Meanwhile, the local currency ended the day sideways against the US dollar at 47.805 from 47.855 a day ago.

It opened the day at 48.88 and traded between 47.9 and 47.805.

Average level for the day stood at 47.861.

Total volume reached USD925.2 million, higher than the USD567.19 million on Monday. (PNA)

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