Window dressing negatively affects PH stocks index, peso

Window dressing resulted to mostly negative close in the local bourse Tuesday, a day after the recovery of the main index, and this also affected the local currency.

The Philippine Stock Exchange index (PSEi) shed 0.94 percent, or 62.23 points, to 6,545.55 points.

All Shares also finished on the red after it fell by 0.56 percent, or 22.23 points, to 3,965.86 points.

Most of the sectoral gauges also declined during the day, led by the Property after it slipped by 2.09 percent.

Financials contracted by 1.50 percent, Services, 0.73 percent; Holding Firms, 0.55 percent; and Mining and Oil, 0.36 percent.

Only the Industrial gained during the day after it rose by 1.04 percent.

Volume totaled to 1.495 billion shares amounting to PHP4.698 billion.

Losers led gainers at 104 to 103 while 46 shares were unchanged.

“Philippine shares closed lower as early window dressing began coupled with the long holidays as investors opted to keep in cash in the meantime,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

This is partly in line with the Holy Week, wherein Maundy Thursday, Good Friday and Black Saturday, which falls on April 1-3, are declared as national holidays.

Limlingan said, “Sentiment also spilled over as US stocks dropped yesterday from record highs after seeing banks liquidate billions-worth of their position.”

“It was also a quiet session data-wise as no big macro prints came out last night,” he said.

He also cited the rise in global oil prices “after Russia’s statement regarding supporting oil output from OPEC+ ahead of the group’s meeting this week.”

The peso ended the day at 48.545, weaker than the previous session’s 48.415.

It opened the day sideways at 48.42 from 48.47 a day ago.

It traded between 48.555 and 48.41, resulting to an average of 48.466.

Volume totaled to USD770.67 million, higher than day-ago’s USD576.4 million.

Source: Philippines News Agency

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