Stocks index declines; peso ends flat vs. USD

Negative sentiments, partly due to coronavirus disease 2019 (Covid-19) developments in the US, resulted in the negative close for the local stock barometer on Thursday. The peso, however, ended sideways ahead of the central bank’s policy meeting.

 

A day after rising to the 7,000-level, the Philippine Stock Exchange index (PSEi) lost 0.77 percent, or 54.16 points, to 6,997.62 points.

 

All Shares also slipped and ended the day at 4,127.54 points, down by 0.42 percent or 17.33 points.

 

Most of the sectoral gauges tracked the main index, led by the Holding Firms index, which fell 1.67 percent.

 

Mining and Oil contracted by 1.51 percent, Property by 0.72 percent, Industrial by 0.58 percent, and Services by 0.10 percent.

 

Only the Financials index gained during the day after it rose by 1.57 percent.

 

Volume totaled 11.78 billion shares, amounting to PHP11.12 billion.

 

Gainers led losers at 114 to 99, while 60 shares were unchanged.

 

“Philippine shares took a breather as the recent rally took an inevitable pause,” said Luis Limlingan, Regina Capital Development Corp. head of sales.

 

Limlingan noted that “stocks turned sharply lower” on news that in-person learning in New York City has been suspended due to the rising number of Covid-19 infections.

 

The wait-and-see stance on the policy decision of the Bangko Sentral ng Pilipinas (BSP) also contributed to the risk aversion, he said, projecting BSP’s policy-making Monetary Board to again keep key rates steady after cutting it by 175 basis points since the start of the year.

 

Meanwhile, the peso ended the day at 48.315 from 48.22 on Wednesday.

 

It opened the day at 48.25 and traded between 48.33 and 48.245, averaging 48.279.

 

Volume totaled USD692.3 million, higher than the previous session’s USD635.8 million.

Source: Philippines News Agency

Related posts