MANILA — The local stock market index experienced a downturn on Wednesday, mirroring the performance of other Asian stock exchanges, while the Philippine peso exhibited sideways movement.
The Philippine Stock Exchange index (PSEi) retreated to the 6,411.41 mark, shedding 89.93 points, equivalent to a 1.38 percent decline. Similarly, the All Shares index also dipped by 0.95 percent, settling at 3,451.74.
“The prevailing sentiment was dampened by the latest Monetary Policy Report, which underscored the Bangko Sentral ng Pilipinas (BSP) forecast of the Philippines’ economic growth falling short of government targets in 2024 and 2025 due to the impact of high interest rates. Overseas, most Asian markets also saw declines as investors evaluated regional inflation rates,” stated Claire Alviar, a Philstocks Financial, Inc research associate.
All sectors concluded in negative territory, with the Financials sector experiencing the most significant drop, down by 2.36 percent, followed by Services, Property, Mining and Oil, Industrial, and Holding Firms.
Losers surpassed gainers, totaling 127 to 70, while 40 firms remained unchanged.
In contrast, the peso weakened on Wednesday, closing at 58.42 against the US dollar compared to Tuesday’s finish of 57.97.
The currency opened at 58.07 and fluctuated between 58.07 and 58.51 throughout trading hours, averaging 58.29.
Trade volume increased to USD 1.4 billion from the previous day’s USD 1.24 billion.
(el Amigo/MNM)
