LINGERING CONCERNS. The Philippine Stock Exchange index (PSEi) slipped anew on Tuesday (Oct. 24, 2023) as investors continue to remain wary of the global environment. On the other hand, the peso again closed sideways against the US dollar, keeping its footing despite worries on inflation and its impact on central banks’ key policy rates. (PNA graphics)
MANILA – The Philippine Stock Exchange index (PSEi) continued to shed on Tuesday while the peso remained sideways as the market awaits a positive catalyst amid lingering concerns in the global economy.
For the fifth consecutive trading day, local shares’ main index declined by 48.72 points, or 0.80 percent, to the 6,039.72 level, and the broader All Shares was down by 18.37 points to 3,284.69.
“So far, concerns regarding (the) Israel-Hamas conflict, high-interest rates, and elevated inflation continue to exert downward pressure on sentiment,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
“Foreign investors also weigh on the market, registering a net selling of PHP633.34 million."
All sectoral indices ended in the red, with the biggest loss coming from the Property counter, which was down by 0.85 percent.
Net market value turnover on Tuesday only stood at PHP2.34 billion.
Losers outnumbered gainers at 100 to 72, with shares of 57 firms remaining unchanged.
Meanwhile, the local currency ended sideways at 56.76 to the US dollar, slightly gaining by 0.08 from Monday’s finish of 56.84.
The local unit opened the day at 56.78, and traded between 56.71 and 56.79, bringing the average level for the day to 56.75.
Trade volume rose to USD1.06 billion from USD950.5 million on Monday. (PNA)
