MANILA – The Philippine Stock Exchange index (PSEi) saw a slight decline on Tuesday, affected by the fresh increase in US Treasury yields, closing 0.23 percent lower at 7,537.25 points. The broader All Shares index also dipped by 0.14 percent, settling at 4,077.41.
Despite the overall market slump, the Services and Financials sectors posted gains of 0.86 percent and 0.72 percent, respectively. However, the Property sector took the hardest hit, dropping by 2.48 percent, followed by Mining and Oil, which slipped by 0.72 percent. The Industrial sector declined by 0.19 percent, while Holding Firms slid by 0.17 percent.
“The negative cues from Wall Street, driven by the rise in US Treasury yields and the weakening of the local currency, added pressure to the market,” said Japhet Tantiangco, research manager at Philstocks Financials, Inc.
Despite the index’s decline, more stocks advanced than declined, with 109 gainers outpacing 97 losers, while 54 issues remained unchanged.
On the currency front, the Philippine peso was relatively flat, shedding only 0.08 centavos to close at 56.91 against the US dollar from Monday’s finish of 56.83. It traded within a range of 56.72 to 56.98 for the day, with an average of 56.85.
The total trade volume rose significantly, reaching USD1.9 billion compared to USD1.3 billion in the previous session.
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