Business and Economy
PSEi, peso weaken on hike in US Treasuries
PSEi finished the day’s trade at 8,910.48 points, down 1.64 percent or 148.14 points, which a trader traced to the same trend in Wall Street overnight. (Photo by Katrina.Tuliao (https://www.tradergroup.org) [CC BY 2.0)
PSEi finished the day’s trade at 8,910.48 points, down 1.64 percent or 148.14 points, which a trader traced to the same trend in Wall Street overnight.
The trader also cited the rise in US treasury rates as another factor for the slip of local equities during the day.
With the main gauge down, the broader All Shares followed after it declined by 1.49 percent, or 78.36 points.
Holding Firms and Property led the sectors in terms of drop at 1.85 percent each followed by the Mining and Oil, 1.82 percent; Services, 1.71 percent; Industrial, 1.39 percent; and Financials, 0.63 percent.
Volume reached 2.4 billion shares amounting to PHP10.05 billion.
Losers led gainers at 151 to 58 while 55 stocks were unchanged.
The peso shed PHP0.23 and finished the day at 51.42 from 51.185 a day ago, which a trader attributed to the drop of PSEi and rise in US Treasuries.
It opened the day at 51.30, down from the previous session’s 50.90.
It traded between its opening level and 51.495, bringing the day’s average to 51.42.
Volume for the day reached USD926.45 billion, up from the USD892.25 million a day ago.
