MANILA – Risk-off sentiments resulted in another negative close to the main equities index on Thursday but the peso closed sideways to a greenback.
The Philippine Stock Exchange index (PSEi) shed 1 percent, or 72.42 points, to 7,157.73 points.
All Shares followed with a drop of 0.74 percent, or 32.97 points, to 4,420.85 points.
Majority of the sectoral indexes also declined during the day, led by the Mining and Oil after it fell 3.56 percent.
It was trailed by the Property, 2.66 percent; Holding Firms, 1.26 percent; Financials, 1.05 percent; and Industrial, 0.63 percent.
Only the Services index gained during the day after it rose by 1.05 percent.
Volume remained thin at 921.511 million shares amounting to PHP7.16 billion.
Decliners continued to surpass advancers at 121 to 85, while 41 shares were unchanged.
“Philippine shares took a breather after rallying as investors braced for the release of more 3Q21 (third quarter) earnings, the release of GDP (gross domestic product), and more global inflationary concerns,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
The Philippine Statistics Authority (PSA) is scheduled to report the third quarter GDP on November 9.
Growth in the second quarter jumped to the positive territory at 11.8 percent, the first time after five consecutive quarters of contraction.
However, there are concerns on the third quarter print due to the impact of the enhanced community quarantine (ECQ), the strictest form of movement restriction, implemented in Metro Manila from August 6 to 20 due to another spike of coronavirus disease 2019 (Covid-19) infections.
Meanwhile, the local currency finished the day sideways against the US dollar at 50.71 from 50.72 a day ago.
It opened the day at 50.77 and traded between 50.8 and 50.7.
Average level for the day stood at 50.77.
Volume rose to USD899.73 million from the previous session’s USD824.84 million. (PNA)
