Stocks slip on risk-off sentiments; peso almost unchanged

Stocks slip on risk-off sentiments; peso almost unchanged

MANILA – Risk-off sentiments resulted in the negative finish of the main equities index on Wednesday but the peso managed to end the day sideways against the US dollar.

The Philippine Stock Exchange index (PSEi) shed 0.24 percent, or 17.6 points, to 7,349.82 points.

All Shares managed to finish sideways after slipping by 0.09 percent, or 3.67 points, to 3,958.00 points.

Half of the sectoral counters gained during the day while the other half ended in the negative territory.

Mining and Oil rose by 1.82 percent, Financials by 1.16 percent, and Industrial by 0.18 percent.

On the other hand, the Services index declined by 0.92 percent, Property by 0.77 percent, and Holding Firms by 0.47 percent.

Total volume was thin at 832.911 million amounting to PHP7.46 billion.

Advancers led decliners at 101 to 87, while 58 shares were unchanged.

The negative close of the local bourse’s main index transpired amidst the gains in its US counterparts after Tuesday’s close.

Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said the positive sentiments in the US were “bolstered by upbeat news from the retail sector”, with October 2021 retail sales up by 1.7 percent month-on-month and core retail sales surpassing expectations.

Meanwhile, the peso ended the day’s trade at 50.39 from 50.3 a day ago.

It opened the day at 50.38, weaker than the previous session’s 50.15.

It traded between 50.47 and 50.34, resulting in an average of 50.395.

Volume reached USD1.13 billion, a decline from the USD1.39 billion on Tuesday. (PNA)

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