Business and Economy
Peso rebounds but local stocks slide
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MANILA — The Philippine peso rebounded against the greenback, while local stocks continued to slide during Tuesday’s trading.
The local unit closed at 52.195 against the greenback, 27 centavos stronger than the previous session’s finish of 52.465.
Meanwhile, the main Philippine Stock Exchange index (PSEi) declined by 0.16 percent, or 11.85 points, to 7,646.20 points. The broader All Shares lost 10.27 points, or 0.22 percent, to close at 4,6552.46 points.
Almost all of the sectors registered losses led by Mining and Oil, which dropped 1.59 percent; followed by Financials, 0.80 percent; Property, 0.41 percent; Services, 0.21 percent; and Holding Firms, 0.01 percent. Only the Industrial counter climbed by 0.46 percent.
Total volume reached 1.070 billion amounting to PHP4.781 billion.
110 decliners outnumbered 78 advancers, while 45 issues were unchanged.
