MANILA -- Both the Philippine Stock Exchange index (PSEi) and the peso took a hit Tuesday after a long weekend due to risk-off sentiments caused by trade war and geo-political issues.
The main equities index shed 0.84 percent, or 65.94 points, to 7,788.45 points.
BPI Research attributed the decline to US President Donald Trump’s statement over the weekend that the planned meeting between US and Chinese officials in September may not push through because of recent developments between the world’s largest economies.
Other factors include the sustained escalation of civil unrest in Hong Kong and the volatile financial market in Argentina after news on its President, Mauricio Macri, lost in the primary elections on Sunday to left-wing candidate Alberto Fernandez.
The news resulted in negative close of most of the counters, with the All Shares down by 0.88 percent, or 41.89 points, to 4,742.22 points.
Property posted the highest drop among the sectors gauges, followed by the Financials, 1.76 percent; Services, 1.37 percent; and Industrial, 0.96 percent.
Mining and Oil rose by 0.62 percent and Holding Firms by 0.53 percent.
Volume reached 1.82 billion shares amounting to PHP8.6 billion.
Losers led gainers at 157 to 53, while 42 shares were unchanged.
On the other hand, the peso ended the day at 52.46, weaker than the 51.88 close Friday last week.
There was no trading on Monday because it was a national holiday in observance of Eid al-Adha or the Muslims’ Feast of the Sacrifice.
The local currency opened the day’s trade at 51.10, better than its 51.96 start during the trading last August 9.
It traded between 52.47 and 52.07, resulting in an average of 52.193.
Volume reached USD1.21 billion, higher than the USD914.7 million at the end of last week.
The currency pair is seen to trade between 52.55 and 52.35 on Wednesday. (PNA)
