MANILA – The wait-and-see stance on the proposed fiscal relief package of the Biden administration resulted in the pullback of the Philippine Stock Exchange index (PSEi) Wednesday, which also affected the peso.
The main equities index shed 1.10 percent, or 77.63 points, to 6,966.43 points.
It was tracked by all the other indexes, with All Shares contracting by 0.83 percent, or 35.31 points, to 4,213.53 points.
The Financials index registered the biggest drop with 1.57 percent and was trailed by Property, 1.43 percent; Holding Firms, 0.84 percent; Services, 0.63 percent; and Industrial and Mining and Oil, both down by 0.53 percent.
Volume totaled 17.23 billion shares amounting to PHP19.35 billion.
Losers led gainers at 145 to 82, while 45 shares were unchanged.
Citing reports, Luis Limlingan, Regina Capital Development Corporation head of sales, said US President Joe Biden is now expected to push for his USD1.9-trillion stimulus program since the Senate has finished the impeachment trial of former President Donald Trump.
Limlingan said some Federal Reserve presidents indicated optimism on the recovery of the world’s largest economy although timing remains the issue given several factors like inflation upticks.
Meanwhile, the peso ended the day at 48.38 against the US dollar from its 48.25 close a day ago.
It opened the day at 48.3 and traded between 48.47 and 48.22.
The average level for the day stood at USD1.39 billion, higher than the USD1.04 billion a day ago. (PNA)
