MANILA – The Philippine Stock Exchange index (PSEi) slipped Wednesday after a two-day rally but the peso continues to remain firm against the greenback.
The main equities index shed 0.12 percent, or 8.42 points, to 6,859.46 points.
All Shares declined by 0.02 percent, or 0.91 points, to 4,143.26 points.
Most of the sectoral gauges also finished the day in the negative territory, led by Property after it fell 0.39 percent.
It was trailed by the Mining and Oil index, 0.35 percent; Financials, 0.32 percent; and Services, 0.26 percent.
On the other hand, Industrial rose by 0.26 percent and Holding Firms by 0.16 percent.
Volume totaled 40.57 billion shares amounting to PHP9.58 billion.
Losers led gainers at 110 to 106, while 44 shares were unchanged.
“It was a quiet session today with the PSEi closing slightly lower (after US) congressional Democrats released a budget resolution for FY (fiscal year) 2021 that, once passed, would give them the option to pass coronavirus relief legislation through the reconciliation process with a simple majority in the Senate without Republican support,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
Limlingan cited another factor for the day’s trading investors’ decision to stay at the sidelines after the recent frenzy on speculative retail trading.
Meanwhile, the peso ended the day at 48.019 from 48.053 Tuesday.
It opened the day at 48.025, sideways from its 48.07 start in the previous session.
It traded between 48.03 and 48.016, resulting in an average of 48.022.
Volume totaled to USD1.574 billion, more than twice the USD597.7 million a day ago. (PNA)
