MANILA – The local stock barometer finished Thursday in the negative territory as investors trooped back to the US and other Asian bourses, but the peso gained against the US dollar.
After rising to the 7,000-level on Wednesday, the Philippine Stock Exchange index (PSEi) shed 1.50 percent, or 106.15 points, to 6,951.30 points.
All Shares also slid by 1.23 percent, or 54.29 points, to 4,354.85 points.
Majority of the sectoral indexes tracked the main gauge, with Services posting the biggest drop at 3.13 percent.
It was trailed by the Holding Firms, 2.20 percent; Mining and Oil, 1.66 percent; Industrial, 0.68 percent; and Property, 0.20 percent.
Only the Financials index gained during the day after it rose by 0.93 percent.
Volume totaled 1.40 billion shares amounting to PHP13.17 billion.
Decliners surpassed advancers at 137 to 62, while 46 shares were unchanged.
“Investors returned to the US and the rest of Asia while profit-taking in Philippine markets as lawmakers gained headway on the debt ceiling debate, and the 10-year Treasury note yield neared 1.5 percent,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
Citing reports, Limlingan said US Senate minority leader Mitch McConnell offered to allow an emergency debt limit extension at a fixed dollar amount to save them until December.
“Doing so would allow the Democratic government more time to pass a standalone debt limit legislation through budget reconciliation –the same process they used to pass a stimulus bill last March,” he added.
Meanwhile, the peso gained against the US dollar after finishing the trade at 50.56 from 50.88 a day ago.
It opened the trade at 50.8, weaker than the previous session’s 50.64.
It traded between 50.86 and 50.55, resulting in an average of 50.733.
Volume totaled to USD988.08 million, higher than the USD963 million in the previous session. (PNA)
