MANILA – Philippines’ main stocks index fell more than 2 percent Monday mainly due to reports about the continued rise of coronavirus disease 2019 (Covid-19), but the peso was able to move sideways despite the risk-off sentiment.
The Philippine Stock Exchange index (PSEi) shed 2.47 percent, or 182.34 points, to 7,187.44 points, which BPI Research attributed to news about the spread of Covid-19 which “continued to cloud global growth prospects.”
BPI Research also cited the decline of IHS Markit’s Manufacturing PMI last February to 50.8 from month-ago’s 51.9. The consensus forecast for the index is 51.5.
All other indices in the local bourse ended in the red, with the All Shares contracting by 1.87 percent, or 81.34 points, to 4,265.42 points.
Holding Firms posted the highest drop at 2.67 percent, which was trailed by the Financials, 2.60 percent; Property, 2.38 percent; Mining and Oil, 2.18 percent; Industrial, 2.02 percent; and Services, 1.32 percent.
Volume totaled to 1.42 billion shares amounting to PHP4.64 billion.
Decliners led advancers at 147 to 44, while 46 shares were unchanged.
On the other hand, the local currency ended the day at 50.96 from 50.94 Friday last week.
It opened the day weaker at 50.98 compared to its 50.69 close in the previous session.
It traded between 51.08 and 50.94, resulting in an average of 51.014.
Volume totaled to USD1.30 billion, lower than the USD1.37 billion at the end of last week.
The peso is seen to trade between 50.75 and 51.05 against the US dollar on Tuesday. (PNA)
