MANILA – The Philippine Stock Exchange index (PSEi) slipped for the fourth consecutive day on Wednesday while the peso touched the 47-level against the greenback.
The main equities gauge lost 0.94 percent, or 59.46 points, to 6,299.69 points.
All Shares declined by 0.62 percent, or 24.39 points, to 3,882.43 points.
Most of the sectoral indexes also finished the day in the negative territory, led by the Holding Firms after it fell 1.29 percent.
The Property index declined by 0.65 percent, Services, 0.60 percent; Financials by 0.53 percent, and Industrial by 0.50 percent.
Only the Mining and Oil index gained during the day after it rose by 1.27 percent.
Volume totaled 4.15 billion shares amounting to PHP3.89 billion.
Philstocks financial research associate Claire Alviar attributed PSEi’s close to the elevated inflation rate for April 2021 which was steady at 4.5 percent relative to last March’s figure, but still higher than the government’s full-year target of 2-4 percent.
“Most traders were on the sidelines as well given the weak value turnover of PHP3.8 billion, the lowest year-to-date,” she said.
Meanwhile, the peso continued to remain on sideways close against the US dollar after finishing the trade at 48.025 from 48.038 a day ago.
It opened the day at 48.03 and traded between 48.13 and 47.96.
The average level for the day stood at 48.027.
Volume totaled USD1.2 billion, higher than the USD730.7 million on Tuesday. (PNA)
