The Philippine peso weakened, and the PSEi (Philippine Stock Exchange Index) experienced a decline on Thursday, influenced by factors such as Wall Street’s drop and rising tension in the Middle East.
On this particular Thursday, the local stock market recorded a decrease of 49.11 points (0.78 percent), closing at 6,219.16. Investors were primarily reacting to negative signals from Wall Street, driven by the continuous increase in long-term US treasury yields, as explained by Mikhail Plopenio, research and engagement officer at Philstocks Financial, Inc.
Adding to the concerns was the International Monetary Fund’s projection that inflation would not fall within the government’s target range of 2 to 4 percent by the end of the year, according to Plopenio. The All Shares index also fell by 19.61 points, closing at 3,365.79.
With the exception of the Property sector, which gained 3.81 points, nearly all sectors in the index saw declines. Decliners outnumbered advancers at 117 to 50, while 53 shares remained unchanged. Plopenio also noted that the ongoing Middle East tensions had a dampening effect on market sentiment.
In the currency market, the Philippine peso closed at 56.87 against the US dollar on Thursday, a drop from the previous day’s closing rate of 56.7. The peso began the day at 56.87, trading within the range of 56.83 to 56.9 against the greenback. The trading volume increased to USD 990.3 million, up from the previous day’s USD 877.55 million. (ai/mnm)
Infographic courtesy of PNA
