PH stocks down on offshore dev’ts; peso keeps footing

MANILA – Investors again turned cautious, resulting in the negative close of the local stock barometer after prices of oil in the international market rose anew, but the peso ended the day sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 0.73 percent, or 51.03 points, to 6,956.60 points.
All Shares followed with a drop of 0.55 percent or 20.41 points, to 3,697.63 points.
Majority of the sectoral indices also finished the day in the negative territory namely Mining and Oil, 2.22 percent; Industrial, 1.28 percent; Holding Firms, 1.02 percent; Property, 0.73 percent; Financials, and 0.66 percent.
Only the Services index gained during the day after it rose by 0.39 percent.
“Philippine shares slid with oil prices climbing once more and investors continuing to digest the recent Fed’s rate hike decision and developments over Ukraine-Russia peace talks,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).
Limlingan said prices of oil in the international market rose over USD100 per barrel anew “after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.”
Meanwhile, the local currency finished the day at 52.35 against the greenback, little changed against its 52.335 close last Friday.
It opened the day at 52.31, a depreciation from its 52.2 start in the previous session.
The peso traded between 52.4 and 52.31, resulting in an average of 52.365.
Volume reached USD599.8 million, a drop from its USD1.45 billion level at the end of last week. (PNA)

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Credit belongs to : www.pna.gov.ph

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