Manila: The local currency closed flat against the US dollar on Tuesday, while the Philippine Stock Exchange index (PSEi) ended in negative territory. The peso closed at 61.75 against the greenback, unchanged from its intraday low, after opening stronger at 61.60. It opened the previous trading day at 61.69. The currency strengthened to as much as 61.55 during mid-trade before weakening to 61.75, resulting in an average rate of 61.69 for the day. Trading volume rose to USD1.21 billion from USD1 billion in the previous session.
According to Philippines News Agency, the local bourse's benchmark index declined by 0.75 percent to 5,896.80 points, while the broader All Shares index slipped 0.20 percent to 3,347.55 points. All sectoral indices ended in the red, led by Property, which dropped 1.33 percent. It was followed by Industrial, down 0.91 percent; Financials, 0.62 percent; Services, 0.52 percent; Holding Firms, 0.42 percent; and Mining and Oil, 0.07 percent.
Trading volume reached 1.21 billion shares valued at PHP5.4 billion. Decliners outnumbered advancers, 107 to 63, while 74 shares were unchanged. "The local bourse ended below (the) 5,900 level as trading activity remained thin amid persistent uncertainty over economic conditions, elevated oil prices, and the maintained depreciation of the local currency," said Luis Limlingan, Regina Capital Development Corp. head of sales.
He added that "investor sentiment stayed cautious, with market participants largely adopting a wait-and-see stance due to concerns over inflationary pressures and their impact on the broader economy."
