Stocks dip; peso closes nearly unchanged vs. USD


The Philippine Stock Exchange index (PSEi) closed in negative territory Tuesday, but the peso managed to end the day sideways against the US dollar despite investors’ wait-and-see stance on the US’ new fiscal stimulus, among others.




The main stock index went down by 0.34 percent, or 19.79 points, to 5,841.60 points.




All Shares followed with a decline of 0.28 percent, or 9.88 points, to 3,521.10 points.




Half of the sectoral gauges also ended the day with losses, led by the Holding Firms, 0.96 percent.




Services slipped by 0.50 percent and Property by 0.41 percent.




Financials rose by 0.69 percent, Mining and Oil by 0.43 percent, and Industrial by 0.40 percent.




Volume totaled 1.45 billion shares amounting to PHP5.67 billion.




Decliners led advancers at 109 to 88, while 52 shares were unchanged.




“Shares closed weaker on low volume once again with investors getting ready for the quarter end window dressing tomorrow, while others remained on the sidelines for a new deal on US fiscal stimulus and several corporate deals being struck,” said Luis Limlingan, Regina Capital Development Corporation head of sales.




European Central Bank (ECB) president Christine Lagarde said the central bank “is still ready to deploy more monetary stimulus to aid the recovery, if needed.”




Meanwhile, the local currency ended the day little changed against the greenback at 48.5 from the previous day’s 48.51 close.




It opened the day flat at 48.45 and traded between 48.5 and 48.44.




Average level for the day stood at 48.465.




Volume totaled to USD536.21 million, higher than day-ago’s USD490.35 million.


Source: Philippines News Agency