Sustained selling pressures resulted in another drop of the Philippine Stock Exchange index Wednesday, but the Philippine peso was able to regain its footing against the US dollar.
The main equities index shed 0.75 percent to 6,082.93 points, and the All Shares by 0.47 percent to 3,663.62 points.
Most of the sectoral gauges also finished in the red, namely Property, 1.39 percent; Services, 1.20 percent; Financials, 0.83 percent, and Industrial, 0.82 percent.
However, Mining and Oil rose by 1.28 percent and Holding Firms by 0.34 percent.
Sans the large block sales in the previous session, volume only reached 705.16 million on Wednesday, amounting to P5.37 billion.
Decliners led advancers at 109 to 91, while 56 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the continued drop of the PSEi to “sustained selling pressure as uncertainties in the macroeconomic environment and other news weigh on investor sentiment.”
“Moreover, the new trade uncertainties from legal ruling in the US could further drag on market performance,” he said, referring to a ruling of a Federal appeals court last week that decided that US President Donald Trump’s tariff policies are illegal.
On the other hand, the local currency finished the day’s trade at 57.3 against the greenback, better than its 57.51 close Tuesday.
It opened the trade weaker at 57.51 compared to its 57.22 start on the previous day.
Its closing level is the unit’s strongest for the day, while the weakest was at 57.55, bringing the day’s average to 57.45.
Volume went down to USD1.37 billion from USD1.92 billion a day ago.*PNA
