PSEi, peso shed on Tuesday

By Kris Crismundo

March 19, 2024, 6:45 pm

MANILA – Both the local shares and currency closed weaker on Tuesday.

The Philippine Stock Exchange index (PSEi) shed 0.07 percent, closing at 6,848.43, while All Shares also declined by 0.12 percent to 3,566.48.

Only Property and Financials recorded gains at 1.73 percent and 0.21 percent, respectively.

The biggest shedding came from the Mining and Oil counter, which dropped by 1.32 percent.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio attributed the lower index on Tuesday to investors’ profit-taking activities.

“Investors seem to be cautious ahead of the Federal Reserve’s policy meeting given that the US’ producer price index data last Friday was higher-than-expected,” Plopenio added.

Decliners outnumbered gainers at 114 to 84, leaving 48 unchanged.

Meanwhile, the Philippine peso closed at 55.92 to the US dollar, depreciating by 0.34 from 55.58 on Monday.

It opened the day at 55.68 before trading between 55.67 and 55.95.

The day’s weighted average level was 55.78 to the greenback.

Trade volume reached USD1.32 billion, higher than the USD1.01 billion on Monday. (PNA)