(PNA file photo)
MANILA – Risk on sentiments resulted in another negative close for the Philippines’ main equities index on Tuesday but the peso finished the day sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) declined by 1.33 percent, or 92.93 points, to 6,895.36 points.
All Shares went down by 1.14 percent, or 42.37 points, to 3,685.84 points.
All the sectoral counters also finished on the red, led by the Industrial, which fell 2.15 percent.
It was trailed by the Property, 1.83 percent; Mining and Oil, 1.44 percent; Services, 1.42 percent; Financials, 1.30 percent; and Holding Firms, 0.64 percent.
Volume reached 1.51 billion shares amounting to PHP5 billion.
Decliners surpassed advancers at 113 to 50 while 60 shares were unchanged.
“Philippine shares were sold down again with the long weekend nearing, and as investors brace themselves for an aggressive hawkish stance from the Fed(eral Reserve) and ahead of the March CPI (consumer price index) release today,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Some economists forecast US CPI to further rise to 8 percent after accelerating to its four-decade high 7.9 percent last February.
On the other hand, the local currency ended the day’s trade at 52.1 from its 52.05 finish on Monday.
It opened the day at 52.15 and traded between 52.29 and 52.06. Average level for the day stood at 52.175.
Volume went down to USD1.42 billion from the previous session’s USD1.64 billion. (PNA)
