PSEi drops for 6th straight week, peso weak

By Kris Crismundo

June 19, 2024, 6:09 pm

MANILA – The local bourse slipped anew on Wednesday’s trading, now losing for six straight trading days, while the Philippine peso closed weak.

The Philippine Stock Exchange index (PSEi) closed in the red territory, declining by 0.04 percent or 2.77 points to 6,366.03.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the local stock market’s performance is on its new six-month lows, or since Dec. 13, 2023 and also while the US dollar-peso exchange rate hovered among 19.5-month highs, lately at 58.755.

The global crude oil prices that reached a new 1.5-month high, the renewed tensions between China and the Philippines in disputed waters, the local political noise, and the fewer rate cuts outlook also contributed to the sentiments of investors, Ricafort added.

All Shares also declined by 0.06 percent or 2.08 points to 3,438.46.

Despite the local index closing in the red, most counters ended in the green territory.

Biggest gains came from the Services sector, up by 0.94 percent to 1,958.93; Holding Firms, up by 0.31 percent to 5,598.33; Mining and Oil, up by 0.24 percent to 8,749.06; and Financials, up by 0.11 to 1,934.86.

Losers were Industrial and Property, shares of which dropped by 0.89 and 0.77 points, respectively.

There were more gainers than losers on this day’s trading at 99 to 85, with 48 counters remaining unchanged.

Meanwhile, the peso depreciated on Wednesday to 58.76 to the US dollar, shedding 0.14 from Tuesday’s 58.62-finish.

It opened the day at 58.62 before trading between 58.58 and 58.77, bringing Wednesday’s average level to 58.66 to a dollar.

The volume of trade increased to USD 930 million from Tuesday’s volume of USD 858.53 million. (PNA)