MANILA – The Philippine Stock Exchange index (PSEi) ended Wednesday in the negative territory again ahead of the country’s fourth-quarter and full-year 2020 gross domestic product (GDP) report while the peso finished sideways against the US dollar.
The main equities index shed 1.63 percent, or 113.55 points, to 6,863.61 points.
All Shares followed with a drop of 0.90 percent, or 37.64 points, to 4,131.32 points.
Most of the sectoral gauges also finished the day on the red, led by Property, which fell 2.45 percent.
It was trailed by Financials, 1.95 percent; Industrial, 1.77 percent; Holding Firms, 0.96 percent; and Services, 0.38 percent.
Only the Mining and Oil index ended the day with gains after rising by 0.57 percent.
Volume totaled 98.96 billion shares amounting to PHP10.68 billion.
Gainers surpassed losers at 112 to 101, while 50 shares were unchanged.
“Local shares continued to fall as investors digested the latest trade balance and agricultural output data, while others remained on the sidelines ahead of the release of the 4Q GDP tomorrow,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
The contraction of the domestic economy stood at -10 percent in the first three quarters of 2020.
Economists forecast another contraction in the last quarter but milder than the previous three month’s level.
Limlingan forecasts the fourth-quarter growth, as measured by GDP, to be a “slower decline” due to improving manufacturing data, unemployment rate, and vehicle sales.
Meanwhile, the peso remains firm against the US dollar and closed the day’s trade at 48.075 from 48.08 a day ago.
It opened the day at 48.06 after two days of flat start at 48.07.
It traded between 48.095 and 48.055, resulting in an average of 48.073.
Volume totaled USD1.12 billion from USD1.01 billion a day ago. (PNA)
