Peso ends sideways, stocks index down

MANILA – The peso ended Monday sideways against the US dollar while the Philippine Stock Exchange index (PSEi) ended in the negative territory primarily on worries on the continued rise of coronavirus disease 2019 (Covid-19) infections worldwide.

The main equities index slipped anew after it shed 3.59 percent, or 212.53 points, to 5,715.92 points.

All Shares contracted by 2.91 percent, or 101.81 points, to 3,398.46 points.

All the sectoral indices also finished the day’s trade on the red, led by the Property declining by 5.12 percent.

It was trailed by the Financials, 3.74 percent; Holding Firms, 3.46 percent; Services, 2.19 percent; Mining and Oil, 1.93 percent; and Industrial, 1.64 percent.

Volume totaled 1.63 billion shares amounting to PHP6.586 billion.

Losers led gainers at 154 to 51, while 39 shares were unchanged.

“Shares closed much lower to kick off August, after weighed down (by) the sudden shift back to MECQ (modified enhanced community quarantine), disappointing global economic data and a lack of progress on Capitol Hill toward another coronavirus aid package,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The National Capital Region (NCR) along with Bulacan, Laguna, Cavite and Rizal will be placed under a 15-day MECQ starting 12 midnight of August 4 until August 18 after medical practitioners asked for a timeout to rest and to study another strategy how to fight the rising coronavirus disease (Covid-19) infections.

Meanwhile, the local currency finished the trade at 49.095 from its 49.15 close Thursday last week.

There was no trading on July 31 due to a holiday in line with Muslims’ observance of Eid’l Adha (Feast of Sacrifice).

The local currency opened the day at 49.15 and traded between 49.185 and 49.07.

Average level for the day stood at 49.104.

Volume totaled to USD568.65 million.