PH stocks down anew, peso ends sideways vs. USD

Sell-offs reigned at the local bourse on Thursday ahead of the November 3 US presidential polls, as well as concerns over the rising coronavirus disease 2019 (Covid-19) cases in the US and some parts of Europe.

The Philippine Stock Exchange index (PSEi) shed 2.01 percent, or 128.40 points, to 6,249.39 points.

All other counters ended the day in the red, with All Shares down by 1.45 percent, or 55.21 points, to 3,753.08 points.

Mining and Oil posted the highest drop among the sectors with a decline of 2.61 percent. Trailing behind were Financials, 2.43 percent; Services, 2.10 percent; Holding Firms, 1.88 percent; Industrial, 1.81 percent; and Property, 1.61 percent.

Volume totaled 3.36 billion shares amounting to PHP6.66 billion.

Losers led gainers at 147 to 58 while 52 shares were unchanged.

There was net foreign selling in the local bourse during the day amounting to PHP942.94 million.

“Local shares saw one of its worst sell-off(s) in months amid rising Covid cases and jitters over the election outcome,” Luis Limlingan, Regina Capital Development Corp. head of sales, said.

Limlingan also cited the new lockdown measures being implemented in France and Germany due to the second wave of Covid-19 infections.

New daily record-highs are also being registered in Italy, Spain, Portugal, and Poland.

Meanwhile, the peso ended the day’s trade sideways against the US dollar at 48.39 from 48.375 on Wednesday.

It opened the trade at 48.43, sideways from its 48.35 start the previous day, trading between 48.45 and 48.38 and averaging 48.401.

Volume totaled USD524.15 million, lower than the USD534.6 million on Wednesday.

Source: Philippines News Agency

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