Business and Economy
Stocks slip; peso closes almost unchanged vs. dollar
Most other indexes trailed the main gauge, with All Shares declining by 0.40 percent, or 17.50 points, to 4,321.73 points. (Pexels photo)
MANILA – Concerns on the stimulus measures being discussed in the US along with coronavirus disease 2019 (Covid-19) vaccine distribution ended Philippine Stock Exchange index’s (PSEi) three-day rally but the peso ended sideways against the greenback.
The main equities index shed 0.74 percent, or 53.62 points, to 7,227.73 points.
Most other indexes trailed the main gauge, with All Shares declining by 0.40 percent, or 17.50 points, to 4,321.73 points.
Holding Firms index registered the biggest drop among the sectors with 1.13 percent and was followed by the Services, 0.89 percent; Industrial, 0.66 percent; Property, 0.35 percent; and Mining and Oil, 0.09 percent.
Financials is the only gainer for the day with a sideways rise of 0.05 percent.
Volume totaled 63.91 billion shares amounting to PHP10.13 billion.
Decliners surpassed advancers at 128 to 95, while 49 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said the rollout of the distribution of Covid-19 vaccines makes investors wary of the path of economic recovery.
Meanwhile, the peso ended the day sideways against the US dollar at 48.063 from 48.05 Monday.
It opened the day at 48.06 and traded between 48.08 and 48.05.
Average level for the day stood at 48.059.
Volume reached USD 490.65 million, higher than the USD358.8 million a day ago.
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