PSEi down on investors’ wait-and-see mode, peso almost flat

By Kris Crismundo

June 20, 2024, 7:44 pm

MANILA – The local stock barometer continued to decline for the seventh straight day as investors remained on a wait-and-see mode, while the peso closed sideways.

The benchmark Philippine Stock Exchange index (PSEi) finished the day decreasing by 0.34 percent to 6,344.56, while the broader All Shares slightly increased by 0.05 percent to 3,440.31 level.

“Investors are seeking clear direction on interest rates amid mixed signals, making them wait for the next policy meeting despite expectations that the BSP (Bangko Sentral ng Pilipinas) won’t cut rates,” Philstock Financials, Inc. research associate Claire Alviar said.

Only Mining and Oil and Holding Firms grew their shares at 1.61 percent and 0.38 percent, respectively.

Counters with losses were Financials (-0.69 percent), Services (-0.68 percent), Property (-0.49 percent), and Industrial (-0.31 percent).

Despite the bourse’s drop, advancers led decliners at 92 to 86, leaving 58 counters unchanged.

“Foreigners remained net sellers, recording a net outflow of PHP552.19 million. Moreover, Economist Impact Asia Pacific’s projection that the Philippine economy will grow below the government’s target until 2028 further weighed on sentiment,” Alviar added.

Meanwhile, the Philippine peso closed almost unchanged at 58.78 from Wednesday's 58.76 to the US dollar.

It opened weaker at 58.79 from 58.62 to the greenback.

The weighted average for the day stood at 58.79 to the dollar.

Trade volume increased to USD1.28 billion from USD980 million on Wednesday. (PNA)