MANILA -- The peso managed to close Monday sideways against the US dollar while the Philippine Stock Exchange index (PSEi) ended its four-day rally still on concerns on the new coronavirus.
The local currency finished the week’s first trading day at 50.78 from 50.755 Friday last week.
It opened the day flat at 50.85 and traded between 50.855 and 50.74. The average trading level for the day stood at 50.782.
Volume totaled to USD581.4 million, lower than the USD771.92 million at the end of last week.
On the other hand, PSEi shed 1.02 percent, or 76.34 points, to 7,430.86 points, which Regina Capital Managing Director Luis Limlingan attributed to “latest coronavirus developments and breaking news on the corporate front.”
Citing news reports, he said the death toll from the 2019-nCoV totaled to 908 to date, including those outside China, while confirmed cases have reached 40,171.
Reports said people have contracted the virus even if they have not traveled to China.
The Chinese government said it will spend at least USD10 billion to control the epidemic, and the People’s Bank of China (PBOC) will start issuing USD59.6 billion in loans to combat the outbreak.
Meanwhile, US National Economic Council Director Larry Kudlow said China President Xi Jinping has assured US President Donald Trump of his commitment to stick with their phase one trade pact.
These developments resulted in the general risk-off sentiment in the local equities market, with the All Shares down by 0.89 percent, or 39.43 points, to 4,383.21 points.
Mining and Oil posted the highest decline among the sectors with a 3.41-percent drop, which was followed by Industrials, 2.09 percent; Financials, 2.08 percent; Services, 1.17 percent; and Holding Firms, 0.51 percent.
Only the Property index gained during the day and rose 0.14 percent.
The volume of trade reached 1.67 billion shares amounting to PHP8.7 billion.
Losers surpassed gainers at 120 to 77, while 45 shares were unchanged. (PNA)
