MANILA – The Philippines’ main equity index slipped anew Thursday on news about US monetary officials’ concerns on the pace of recovery of the world’s largest economy, which, in turn, also affected the peso during the day.
The Philippine Stock Exchange index (PSEi) shed 1.68 percent, or 116.79 points, to 6,849.64 points.
All Shares declined by 1.02 percent, or 43.05 points, to 4,170.48 points.
Most of the sectoral gauges also finished the day in the red, with Property posting the biggest drop at 2.54 percent.
It was followed by the Holding Firms, 2.45 percent; Industrial, 1.07 percent; and Services, 0.85 percent.
On the other hand, Mining and Oil rose by 1.40 percent and Financials by 1.28 percent.
Volume totaled 16.62 billion shares amounting to PHP8.89 billion.
Losers led gainers at 113 to 109 while 39 shares were unchanged.
“Philippine shares fell once again after minutes from the Federal Reserve’s January meeting showed officials were skeptical about the US economy improving enough to warrant removing monetary stimulus any time soon,” Regina Capital Development Corp. head of sales, Luis Limlingan, said.
He said investors also took note of reports about the activity of Taal Volcano and reports of movement restrictions in some areas near it.
Similarly, the peso weakened to 48.50 against the US dollar from 48.38 on Wednesday.
It opened the day sideways at 48.35 and traded between 48.50 and 48.32.
The day’s average stood at 48.405.
Volume totaled USD1.385 billion, compared to the previous day’s USD1.387 billion. (PNA)
