MANILA – The local stock market slipped on Wednesday (16 oCT 2024), ending its two-day winning streak, while the peso closed slightly stronger against the dollar.
The Philippine Stock Exchange index (PSEi) fell by 0.26 percent to 7,437 points.
Meanwhile, the All-Shares index rose by 0.27 percent to 4,097.56.
“Philippine shares settled downwards, returning to the 7,400 level, as investor optimism pushed the recovery further amidst expectations of another rate cut by the monetary board this Wednesday,” said Luis Limlingan, managing director at Regina Capital Development Corporation.
More than half of the sectoral indices finished in the red, with Mining and Oil posting the biggest drop at 1.08 percent.
On the other hand, Financials and Industrials gained 0.04 percent and 0.32 percent, respectively.
Decliners outnumbered advancers at 101 to 86, with 75 stocks unchanged.
The peso ended the day at 57.7 against the dollar, slightly up from Tuesday’s 57.865 close. It opened at 57.9 and traded between 57.7 and 57.92, bringing the day’s weighted average to 57.824.
Trading volume declined to USD 1.3 billion from USD 1.4 billion.
IA/MNM
