Talks about the possible change in the Federal Reserve’s leadership pushed the Philippine Stock Exchange index (PSEi) and the peso deeper Thursday.
For the third straight day, the main stocks gauge slipped and ended the day’s trade at 6,295.55 points, down 0.66 percent; and the broader All Shares by 0.67 percent to 3,723.14 points.
Mining and Oil led the sectoral counters with a decline of 2.35 percent, and was trailed by the Holding Firms, 1.41 percent; Industrial, 0.77 percent; Financials, 0.73 percent; Property, 0.61 percent; and Services, 0.59 percent.
Trading volume reached 2.41 billion shares amounting to PHP7.33 billion. Losers led gainers at 112 to 75, while 56 shares were unchanged.
“Philippine shares continue to tumble as concerns surfaced from a rumor regarding a potential Fed leadership change,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He said concerns about the Fed rate adjustment, given the rising US inflation rate and its impact on the global market, also affected investors’ sentiment.
On the other hand, Limlingan noted the decline in oil prices in the international market on concerns of higher US fuel inventories and the overall impact of the US’ tariff policies.
The local currency also weakened further after ending the day at 57.29 against the US dollar, from its 57.08 close a day ago.
It opened the day already on a depreciated level of 57.05 from day-ago’s 56.85.
The peso improved to 56.95 mid-trade but was also pulled to 57.3. The average level for the day stood at 57.12.
Volume rose to USD1.93 billion from the previous session’s USD1.58 billion.*PNA
