Both the Philippine Stock Exchange index (PSEi) and the peso ended Tuesday sideways partly due to unexpected acceleration in the US inflation rate last June.
The main equities index lost 0.03 percent, or 1.82 points, to 6,793.31 points.
All Shares declined by 0.17 percent, or 7.37 points, to 4,208.39 points.
Most of the sectoral counters gained during the day and these are the Mining and Oil, 1.02 percent; Financials, 0.17 percent; Industrial, 0.15 percent; and Holding Firms, 0.11 percent.
On the other hand, Property declined by 0.75 percent and Services by 0.73 percent.
Volume totaled 875.65 million shares amounting to PHP3.23 billion.
Decliners led advancers at 119 to 68, while 54 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, partly attributed the PSEi’s performance to the higher-than-expected expansion of US inflation rate last June to 5.4 percent, the highest since August 2008, from expectations of around 4.9 percent and the previous month’s 5 percent print.
Limlingan said inflation rate of the pandemic-hit sectors like travel and semiconductors “were more apparent.”
“The results challenge the Fed’s view that the high inflation would be temporary,” he said.
Meanwhile, the peso ended the day at 50.3 against the US dollar, sideways from its 50.00 close a day ago.
It opened the day at 50.05 and traded between 50.33 and 50.05.
Average level for the day stood at 50.178.
Volume reached USD1.17 billion, up from day-ago’s USD801.5 million.
Source: Philippines News Agency
