Stocks slip anew, peso strengthens

General

Concerns on the surging coronavirus disease 2019 (Covid-19) cases in China and its global economic impact mainly hurt the local main equities index on Wednesday, but the peso improved against the greenback.

The Philippine Stock Exchange index (PSEi) lost 1.66 percent, or 116.11 points, to 6,863.91 points.

All Shares dropped by 1.40 percent, or 52.06 points, to 3,660.33 points.

All the sectoral counters tracked the main gauge, led by Mining and Oil, which fell 3.78 percent.

It was trailed by Property, 2.16 percent; Holding Firms, 2.12 percent; Financials, 1.34 percent; Services, 1.30 percent; and Industrial, 0.73 percent.

Volume was thin at 816.5 million shares amounting to PHP8.78 billion.

Decliners led advancers at 138 to 49, while 43 shares were unchanged.

“Philippine shares fell again (and) closed in the red on global economic slowdown concerns brought by surging Covid-19 cases in China, a high inflationary environment, and a statement from a top Russian official that the threat of nuclear war is real,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

For one, new lockdown measures are being implemented in Beijing and mass testing through throat swab tests are being done following the outbreak last week.

Amidst the risk-off sentiments in the local bourse, the peso gained against the US dollar and closed the day at 52.12 from its 52.25 finish a day ago.

It opened the trade flat at 52.35 and ranged between 52.375 and 52.37.

The average level for the day stood at 52.261.

Volume totaled to USD1.65 billion, higher than the previous session’s USD1.5 billion.

Source: Philippines News Agency

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