MANILA – The main stocks index ended Wednesday in the negative territory ahead of the Thanksgiving holiday in the US, while the peso finished the trade sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 1.51 percent, or 107.16 points, to 7,001.51 points.
All Shares followed with a drop of 1.05 percent, or 44.27 points, to 4,184.28 points.
Most of the sectoral counters trailed the main gauge, led by the Property, which fell by 2.62 percent.
Holding Firms index slipped by 1.26 percent, Industrial by 1.13 percent, Services by 0.88 percent, and Financials by 0.14 percent.
Only the Mining and Oil gained during the day after it rose by 3.41 percent.
Volume totaled 8.03 billion shares amounting to PHP14.07 billion.
Losers led gainers at 120 to 97, while 40 shares were unchanged.
“Local shares were sold ahead of the Thanksgiving holiday, while foreign funds continued to flock back to regions which they believe would be the first ones to receive the vaccine upon mass production,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Limlingan said oil prices posted new highs since March after rising by over four percent.
“The hike was supported by promising results of a coronavirus vaccine being developed, raising hopes for fuel demand recovery and presidential transition approval in the White House,” he added.
Meanwhile, the peso finished the day at 48.13 from 48.145 Tuesday.
It opened the day at 48.11, way better than the previous session’s 48.24.
It traded between 48.15 and 48.09, resulting in an average of 48.11.
Volume totaled to USD565.27 million, lower than day-ago’s USD747.75 million. (PNA)
