Weaker peso continues to bog down PSEi
The Philippine Stock Exchange index (PSEi) suffered a three-day losing streak as investors continued to take profits amid the weakening peso.
The benchmark PSEi fell by 0.18 percent, or 13.05 points, to close at 7,411.47 while the broader All-Shares index climbed by 0.10 percent, or 4.16 points, to sit at 4,037.52 by the closing bell yesterday, Oct. 10.
Philstocks Financial Inc. said the local currency “poses downside risks” as this soured investor sentiment. The peso further depreciated to P57.36 against the greenback from the previous day’s closing of P57.02.
Subsectors showed mixed results. Financials, holding firms and property indices rose while the rest declined.
About 1.07 billion shares valued at P5.59 billion were traded. Losers led winners, 111 to 99, while 48 issues were unchanged.
The most actively traded shares were that of International Container Terminal Services Inc., dropping by 2.19 percent to P420.40 each.
It was followed by BDO Unibank Inc., down 0.63 percent to P156.80; Bank of the Philippine Islands, up 0.71 percent to P141; Ayala Land Inc., up 0.27 percent to P36.50; Wilcon Depot Inc., down 1.95 percent to P16.10; and Metropolitan Bank & Trust Co., down 1.06 percent to P79.05.
Other active names were Manila Electric Co., down 1.25 percent to P475; GT Capital Holdings Inc., up 0.56 percent to P712; Bloomberry Resorts Corp., down 2.97 percent to P7.85; and Ayala Corp., down 0.14 percent to P730.50.
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