MANILA – The local stock barometer slipped for the third consecutive day Thursday following the release of the country’s 2020 economic data but the peso remains sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) went down by 0.17 percent, or 11.77 points, to 6,851.84 points.
All Shares declined by 0.56 percent, or 22.98 points, to 4,108.34 points.
Most of the sectoral gauges also finished the day in the negative territory, led by the Mining and Oil index, which declined by 2.17 percent.
It was trailed by Services, 1.43 percent; Industrial, 0.48 percent; and Financials, 0.39 percent.
On the other hand, both the Holding Firms and Property indexes rose by 0.09 percent.
Volume totaled 56.22 billion shares amounting to PHP8.8 billion.
Losers led gainers at 136 to 73, while 53 shares were unchanged.
“Local shares traded slightly negative as the final print of 2020 GDP (gross domestic product) showed a slower contraction. However, many opted to sell after the US Fed’s message did not sit well within investors,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The Philippine economy posted an 8.3-percent contraction in the fourth quarter last year, better than the revised 11.4 percent in the previous quarter.
The full-year figure stood at -9.5 percent, the lower end of the government’s -8.5 to -9.5 percent target.
The Federal Open Market Committee (FOMC) kept the Federal Reserve’s funds rates target range to between 0 to 0.25 percent, with monetary authorities saying the pace of economic recovery has “moderated in recent months.”
Meanwhile, the peso ended the day at 48.11 from 48.075 Wednesday.
It opened the day at 48.115 from 48.06 a day ago.
It traded between 48.145 and 48.097, resulting in an average of 48.121.
Volume totaled USD1.19 billion, higher than the previous session’s USD1.12 billion. (PNA)
