MANILA -- The Philippine peso ended Tuesday almost unchanged against the greenback despite the risk aversion amid trade and geopolitical issues overseas, while the main equities index slipped.
The local unit started the week's first trading day at 52.26 from 52.27 last August 23. There was no trading on Monday due to the National Heroes Day, a national holiday.
It opened the day at 52.42, weaker than the 52.34 close at the end of last week.
It traded between 52.26 and 52.45, resulting in an average of 52.376.
Volume totaled to USD1.22 billion, higher than the USD1.21 billion in the previous session.
On the other hand, the Philippine Stock Exchange index (PSEi) declined by 1.80 percent, or 142.03 points, to 7,747.38 points.
All Shares also fell after it slipped by 1.33 percent, or 63.58 points, to 4,706.80 points.
Most of the sectoral counters trailed, led by the Holding Firms, which decreased by 1.96 percent.
It was followed by the Financials, 1.92 percent; Property, 1.85 percent; Services, 1.37 percent; and Industrial, 0.82 percent.
Only the Mining and Oil gained during the day after it rose 1.46 percent.
Volume reached 2.59 billion shares amounting to PHP13.47 billion.
Losers led gainers at 124 to 88, while 39 shares were unchanged.
AAA Southeast Equities President William Matthew Cabangon said rebalancing of portfolios was noted during the day despite heavy losses due to foreign selling.
He said the contraction of the PSEi was contrary to the rise of its counterparts in the US and in Asia, which was attributed to news citing US President Donald Trump’s claims that China has indicated to hold trade talks anew.
He said the PSEi closed the day’s trade at its 7,750-support level.
“There is the possibility that we might see a bounce tomorrow but in case we don’t, the next support level is at 7,630,” he added. (PNA)
