PSEi slips as peso ends sideways vs. USD

MANILA – Philippine Stock Exchange index (PSEi) ended Monday in the red as investors monitor jumps in coronavirus disease 2019 (Covid-19) infections but the peso moved sideways against the US dollar.

The main equities index shed 0.63 percent, or 41.55 points, to 6,591.67 points.

All Shares followed with a drop of 0.31 percent, or 12.76 points, to 4,110.96 points.

Most of the sectoral indexes also finished the day on the red and these are the Property, 2.46 percent; Holding Firms, 0.66 percent; Mining and Oil, 0.35 percent; and Financials, 0.10 percent.

On the other hand, the Services index inched up by 0.53 percent and the Industrial by 0.21 percent.

Volume reached 1.94 billion shares amounting to PHP6.29 billion.

Losers led gainers at 105 to 87 while 45 shares were unchanged.

Regina Capital Development Corporation head of sales Luis Limlingan said the PSEi ended on the negative as investors closely watch the rise in Covid-19 cases around the globe and its impact on economic recovery.

“In addition, many are assessing the proposed budget released by the DBM (Department of Budget and Management) for Congressional approval,” he said.

On Monday, DBM officials submitted to Congress the proposed PHP5.024 trillion national budget for next year, which is 11.5 percent higher than this year’s PHP4.506 trillion budget.

Under the proposed funding for next year, PHP45.4 billion will be allocated under the Unprogrammed Appropriations to purchase coronavirus disease 2019 (Covid-19) vaccine booster shots of 93.8 million fully vaccinated individuals.

Meanwhile, the peso ended the day at 50.27 against the greenback, sideways from its 50.37 close last Friday.

It opened the day stronger at 50.3 compared to its 50.48 start in the previous session.

It traded between 50.33 and 50.15, resulting in an average of 50.23.

Volume reached USD717.65 million, lower than its USD977.6 million level at the end of last week. (