Stocks index, peso slip anew on recovery concerns

Stocks index, peso slip anew on recovery concerns

MANILA – Negative sentiments reigned in the local bourse on Wednesday resulting in the negative close of the main index, which was mirrored by the local currency.

The Philippine Stock Exchange index (PSEi) lost 0.71 percent, or 49.43 points, to 6,943.00 points.

All Shares declined by 0.62 percent, or 26.5 points, to 4,272.16 points.

All the sectoral counters also tracked the main gauge, led by the Services after it fell by 1.30 percent.

The Mining and Oil index slipped by 0.98 percent, Holding Firms, 0.77 percent; Financials, 0.64 percent; Industrial, 0.55 percent; and Property, 0.48 percent.

Volume totaled 1.70 billion shares amounting to PHP4.46 billion.

Losers led gainers at 127 to 59, while 57 shares were unchanged.

“Philippine shares fell along with the other regional markets with concern that maybe the best of the economic recovery from the pandemic is behind us,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan also cited the drop in bond yields and commodity prices.

Meanwhile, the peso weakened further to 49.79 against the US dollar from 49.5 on Tuesday.

It opened the day at 49.7, a big drop from its 49.23 start in the previous session.

It traded between 49.91 and 49.7, bringing the day’s average to 49.786.

Volume totaled USD937.9 million, lower than the previous session’s USD1.07 billion. (PNA)

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