MANILA – The local stock market declined Tuesday after recovering the previous day as investors watched developments in the United States, among others, but the peso managed to keep its sideways close against the greenback.
The Philippine Stock Exchange index (PSEi) shed 1.33 percent, or 94.34 points, to 6,977.16 points.
All the other counters tracked the main gauge, with All Shares down by 1.92 percent, or 81.69 points, to 4,168.96 points.
Mining and Oil registered the biggest decline among the sectoral indices at 5.37 percent and was trailed by Financials, 1.79 percent; Holding Firms, 1.77 percent; Services, 1.6 percent; Property, 1.3 percent; and Industrial, 0.24 percent.
Volume reached 74.53 billion shares amounting to PHP11.6 billion.
Losers surpassed gainers at 209 to 29, while 31 shares were unchanged.
“Local shares closed below the psychological 7,000 mark with many anxious over the new fiscal aid to be tackled at this week’s Fiscal Reserve’s meeting,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
Citing reports, Limlingan said some US senators have expressed concern on the proposed USD1.9-trillion stimulus package of the Biden administration and called for a more targeted program.
He also cited some analysts’ projections that the stimulus package would be reduced to about USD1.1 trillion.
Meanwhile, the peso ended Tuesday at 48.08 against the greenback, little changed from its 48.079 close on Monday.
It again opened the day flat at 48.07, trading between 48.085 and 48.05 for an average of 48.062.
Volume totaled USD1.01 billion, higher than the previous session’s USD763.05 million. (PNA)
