PSEi, Peso down on US-Canada trade worries

Despite this, the Philippine Stock Exchange index (PSEi) remained at 7,800-level at 7,830.96 points even after losing 0.17 percent or 13.65 points. (Shutterstock photo)

MANILA — Trade tensions overseas continue to dampen investor sentiments in Philippine markets resulting in the slip of the main equities gauge Wednesday after it recovered a day ago as well as the local currency.

Despite this, the Philippine Stock Exchange index (PSEi) remained at 7,800-level at 7,830.96 points even after losing 0.17 percent or 13.65 points.

A trader said news about the threat of US President Donald Trump to impose tariffs on Canadian-made vehicles to strong-arm PM Justin Trudeau into agreeing with the revised trade agreement recently discussed with Mexico, added to investors’ concerns.

This is on top of concerns over US-China trade issues, the trader said.

Thus, the slide of the PSEi was mirrored by most of the counters, with the All Shares registering the same drop in terms of rate, 17 percent. It ended the day at 4,750.86 points, down 8.27 points.

Mining and Oil posted the highest drop among the sectors at 0.96 percent and it was followed by the Financials, 0.82 percent; Industrial, 0.62 percent; Services, 0.42 percent; and Holding Firms, 0.04 percent.

Only the Property ended with gains during the day after it rose 0.62 percent.

Volume reached 3.04 billion shares amounting to PHP6.21 billion.

Losers led gainers at 112 to 81 while 51 shares were unchanged.

Similarly, the peso ended the day at 53.46, down from the previous day’s 53.325, which another trader said was also due to US-Canada concerns.

It opened almost unchanged at 53.35 from 53.36 a day ago.

It traded between 53.47 and its opening level, resulting to an average of 53.411.

Volume for the day reached USD527.3 billion, down from the USD640.85 million.

The currency pair is seen to trade between 53.30 and 53.50 Thursday.