Peso, local stocks continue slide due to rise of US Treasury yield

By Joann Villanueva

April 24, 2018, 7:26 pm

MANILA -- Risk-off sentiment still prevails at the Philippines’ financial and capital markets Tuesday resulting in the slight weakness of the Peso and the sustained decline of the local stocks gauge.

The local currency finished the day at 52.32 from 52.24 Monday, which a trader said was due to the continued rise of US Treasury yields.

The peso opened the day at 52.355, down from its 52.13 start in the previous session. It ranged between 52.365 and 52.25, bringing the day’s average to 52.303. Volume for the day amounted to USD620.21 million, lower than the USD757.2 million a day ago.

The trader expects the currency pair to trade between 52.20 and and 52.40 Wednesday.

Similarly, the Philippine Stock Exchange index (PSEi) declined again and fell 1.54 percent, or 119.11 points, to 7,600.36 points. All the other indices tracked the main gauge, with the broader All Shares down by 1.27 percent, or 59.32 points, to 4,617.77 points.

The losing sectors were led by Property, which dropped by 2.03 percent, and was followed by the Mining and Oil, 1.80 percent; Industrial, 1.79 percent; Financials, 1.44 percent; Holding Firms, 1.19 percent; and Services, 0.72 percent. Volume reached 2.3 billion shares amounting to Php6.05 billion.

Losers led gainers at 143 to 68 while 40 shares were unchanged. (PNA)