PSEi, peso almost flat Wednesday

By Kris Crismundo

December 6, 2023, 7:52 pm

MANILA – Both the local bourse and currency closed almost flat on Wednesday.

The benchmark Philippine Stock Exchange index (PSEi) ended the day slipping by 0.05 percent, or 3.10 points, to the 6,305.85 level.

The broader All Shares also slipped by 0.01 percent, or 0.36 points, to 3,351.66 points.

Philstock Financials, Inc. assistant research manager Claire Alviar said local shares declined as investors booked some gains from three consecutive days of market rally.

“In addition, the national government’s outstanding debt which reached a record of PHP14.48 trillion as of end-October, somehow, weighed on sentiment,” Alviar added.

Tracking the PSEi, this day’s losers include Mining and Oil, Industrial, Financials, and Property, while gainers were Holding Firms and Services.

“Despite the market decline, foreign investors were net buyers, registering a net inflow of PHP378.76 million. The net market value turnover stood at PHP3.74 billion,” the analyst added.

Meanwhile, the Philippine peso was almost flat at 55.31 to a US dollar, from its 55.32 close on Tuesday.

It opened the day at 55.30, stronger than last day’s kick-off at 55.40 to a dollar.

The currency pair traded between 55.30 and 55.36, bringing the average level for the day to 55.32 to the greenback.

Trade volume dropped to USD1.03 billion on Wednesday from the previous day’s volume of USD1.35 billion. (PNA)