MANILA – The Philippine peso ended flat against the US dollar on Wednesday but the main equities index slipped for the second consecutive day as concerns over the impact of the coronavirus disease 2019 (Covid-19) remain.
The local currency finished the day unchanged at 50.79 compared to its previous day’s close, after opening sideways at 50.83 from its 50.90 start on Monday.
It traded between 50.905 and 50.765, resulting in an average of 50.836.
Volume totaled USD381.9 million, higher than the USD320.57 million a day ago.
On the other hand, the Philippine Stock Exchange index (PSEi) lost 2.47 percent, or 141.40 points, to 5,592.25 points.
The other counters ended the trade in the same faith, with All Shares down by 2.42 percent, or 84.16 points, to 3,389.74 points.
Mining and Oil registered the highest drop among the sectoral gauges with 2.89 percent, and was followed by the Industrial, 2.56 percent; Services, 2.48 percent; Property, 2.43 percent; Holding Firms, 2.36 percent; and Financials, 2.23 percent.
Volume totaled 764.34 million shares amounting to PHP5.66 billion.
Losers surpassed gainers at 140 to 49, while 44 shares were unchanged.
“Local shares fell as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the Covid-19 pandemic,” Regina Capital managing director Luis Limlingan said.
He said the West Texas Intermediate (WTI) futures price for May fell to –USD37.63 per barrel, a first in history, due to lack of storage in Cushing, US after demand for oil slumped due to the Covid-19 pandemic.
On the other hand, some countries are reporting lower numbers of Covid-19 cases, such as France and Italy. (PNA)
