MANILA -- The local bourse got a beating Thursday as investors stayed on the sidelines but the Philippine peso proved its resiliency and ended sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) declined by 1.002 percent, or 79.17 points, to 7,818.89 points.
All Shares slipped by 0.99 percent, or 46.64 points, to 4,670.76 points.
Mining and Oil index declined by 5.85 percent and was trailed by Financials, 1.71 percent; Property, 1.38 percent; Industrial, 1.09 percent; Services, 0.46 percent; and Holding Firms, 0.43 percent.
Volume was still thin at 781.11 million shares amounting to PHP5.72 billion.
Losers outpaced gainers at 157 to 38, while 41 shares were unchanged.
The peso ended the day's trade at 50.865 from 50.87 a day ago, which a trader attributed to investors' wait-and-see stance on developments on the US-China trade discussions.
The trader said the latest news reports indicate that both parties are still undecided on the specifics of the first phase of the trade deal thus, investors are closely watching the developments.
This, the trader said, is what is causing investors’ worries on the path of global economic output.
For the day, the peso opened sideways at 50.95 to the dollar from 5.97 Wednesday.
It improved to 50.85 but was pulled to 51.03, resulting in an average of 50.957.
Volume totaled to USD1.44 billion, higher than the USD 947.5 million a day ago.
The trader forecasts the peso to trade between 50.90 and 51.00 to the greenback on Friday. (PNA)
