Business and Economy
PH shares fall, peso trades at 55-level for 5 days
The biggest losses came from the Property counter, which declined by 2.41 percent. (Pexels Photo)
MANILA – Local shares declined anew on Thursday on central banks’ statement that policy easing is yet on the horizon, while the peso extended its 55-level trading for five days.
The Philippine Stock Exchange index (PSEi) ended the day weaker, down by 0.
60 percent to 6,837.34, with All Shares, likewise, shedding 0.55 percent at 3,567.89.
“This Thursday, the local market dropped by 41.20 points (-0.60 percent) to 6,837.34 as rate cut hopes were tempered after (Bangko Sentral ng Pilipinas) Governor Eli Remolona (Jr.) stated that it is still too early to cut policy rates as there is no assurance yet that inflation will settle comfortably within the 2 (percent) to 4 percent target,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
“Additionally, investors digested the statement from Federal Reserve Chair Jerome Powell overnight, saying that the Fed is not yet ready to cut rates,” Plopenio added.
Among sectoral indices, only Services ended in the green territory, with shares increasing by 0.80 percent to 1,778.13.
The biggest losses came from the Property counter, which declined by 2.41 percent.
“Net market value turnover was tepid at PHP4.36 billion, lower than the year-to-date average of PHP4.70 billion. Foreigners were net buyers as net inflows continued to enter the market amounting to PHP4.
65 million,” Plopenio said.
Losers outnumbered gainers at 109 to 64, with the shares of 44 firms unchanged.
Meanwhile, the Philippine peso traded at the 55 level for five straight trading days.
The peso closed sideways, improving by 0.05 to 55.82 to the US dollar from 55.87 to the greenback.
The local currency opened the day stronger at 55.77 from Wednesday’s kick-off at 55.93 to the greenback, trading between 55.75 and 55.90. The average level for the day was 55.82.
The volume of trade slightly increased to USD932.05 million from USD905.5 million the previous day.
