Stocks, peso weak on inflation concerns

By Kris Crismundo

August 22, 2023, 10:00 pm


MANILA – Local stock market and currency closed Tuesday’s trading week amid inflationary pressures both in the local and global markets.

The Philippine Stock Exchange index (PSEi) finished lower by 77.88 points to 6,212.39 points, with all shares down by 30.46 points to 3,352.95 level.

Philstocks Financial Inc. research associate Claire Alviar said the shedding in the local bourse this day was due to concerns on “the inflationary risks that could eventually impact the country’s economic growth, which already disappointed investors in the second quarter”.

“Currently, the rising rice prices coupled with the increasing oil prices are expected to put inflationary pressures,” Alviar added.

Except for Financials, all sectors ended in the red territory, with the biggest losses coming from Industrial and Holding Firms.

“Among index members, SM Prime Holdings, Inc. was the top gainer, up by 2 percent while JG Summit Holdings, Inc. was at the bottom, declining 4.6 percent,” the market analyst added.

Decliners outnumbered gainers at 122 to 60, with 40 counters remaining unchanged.

Net market value turnover was at PHP4.45 billion.

Meanwhile, the Philippine peso further weakened to 56.38 to the US dollar, shedding by 0.20 from 56.18 to the greenback closing last week.

The peso opened at 56.30, stronger than Friday’s kick off at 56.65.

The currency pair traded between 56.10 and 56.40, bringing this day’s average at 56.22 to the greenback.

Volume of trade slipped to USD1.44 billion from last week’s volume of USD1.46 billion. (PNA)