MANILA — The Philippine peso remained steady against the US dollar on Wednesday (13 Nov 2024), despite a downturn in local equities following the US elections.
The peso closed at 58.735, slightly up from the previous session’s 58.831. It traded within a narrow range of 58.66 to 58.77, with an average of 58.706. Trading volume increased to USD1.43 billion from USD1.12 billion the day before.
Meanwhile, the Philippine Stock Exchange (PSEi) slipped 1.41%, or 95.78 points, closing at 6,714.33 points, marking a two-month low. All sectors ended in the red, with financials leading the losses at 1.84%.
Other sectors such as industrials, holding firms, and services also experienced declines. The broader All Shares index fell 0.73%, or 27.88 points, to 3,792.46 points.
Regina Capital’s Luis Limlingan attributed the stock market pullback to concerns over declining foreign direct investments (FDIs) and the broader global economic outlook.
He noted that the PSEi mirrored the movement of US stocks following the post-election rally. Investors are now awaiting key inflation and trade data from overseas, especially after the Federal Reserve’s recent rate cut.
Additionally, global oil prices dropped 5%, driven by a lowered demand growth forecast from OPEC and a weak stimulus plan from China, further weighing on investor sentiment.
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