Stocks down, peso strengthens Wednesday

By Anna Leah Gonzales

May 22, 2024, 5:44 pm

MANILA – The local stock market continued to decline as the peso stayed at the 58-to-the-US dollar level on Wednesday.

The Philippine Stock Exchange index (PSEi) declined by 26.44 points to close at 6,607.22.

All Shares, likewise, fell by 11.82 points to 3,523.95.

"The local market extended its decline, dropping by 26.44 points (0.40 percent) to 6,607.22, as the Philippine peso remained below the PHP58 mark against the US dollar. The peso's weakening could have many negative impacts on our economy, one of which is the upward pressure it may exert on inflation if this trend persists," Philstock Financials, Inc. assistant research manager Claire Alviar said.

"Moreover, foreigners weighed on the market further, registering a net outflow of PHP644.62 million. The net market value turnover stood at PHP4.76 billion."

Sector indices ended mixed, with Properties having the biggest decline of 1.39 percent while the Service and Holdings sectors were in the green, increasing by 0.90 percent and 0.17 percent, respectively.

The peso, meanwhile, strengthened to 58.06 to the dollar from its 58.27 finish on Tuesday.

It opened the day at 58.15 and traded between 58.06 to 58.235, averaging 58.163.

Total volume of trade fell to USD1.29 billion from USD1.62 billion the previous day. (PNA)