Stocks index ends 6-day rally; peso almost flat

The local main equities index ended its six-day rally Tuesday due to concerns on the rising coronavirus disease 2019 (Covid-19) infections in the US and Europe, but the peso managed to stay firm against the greenback.

The Philippine Stock Exchange index (PSEi) shed by 1.17 percent, or 76.11 points, to 6,415.08 points.

All the other indexes tracked the main gauge, with All Shares down by 1.07 percent, or 41.25 points, to 3,818.11 points.

Holding Firms posted the highest drop among the sectoral indexes after it fell by 1.40 percent.

Financials declined by 1.35 percent, followed by Property, 1.25 percent; Industrial, 0.93 percent; Mining and Oil, 0.60 percent; and Services, 0.08 percent.

Volume totaled 6.49 billion shares amounting to PHP8.02 billion.

Losers led gainers at 117 to 79, while 64 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said an additional risk-off factor during the day is the diminishing possibility that another stimulus program in the US will not materialize before the Nov. 3 polls.

Meanwhile, the peso ended the day sideways against the US dollar at 48.375 from 48.395 close Monday.

It opened the trade little changed at 48.4 from 48.42 a day ago.

It traded between 48.48 and 48.37, resulting in an average of 48.436.

Volume totaled USD838.87 million, higher than day-ago’s USD671.25 million.

Source: Philippines News Agency

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