The peso strengthened slightly against the United States dollar on Tuesday, September 22, but domestic growth concerns dampened investor sentiment, causing the Philippine Stock Exchange index (PSEi) to close lower.
The local currency finished the day at 62.72 against the greenback, up from its 62.78 close on Monday.
Luis Limlingan, Regina Capital Development Corporation head of sales, said market weakness persisted amid expectations that the third-quarter growth recovery could be weaker than anticipated.
“Market sentiment turned cautious after the DOE (Department of Energy) said fuel prices may remain above pre-war levels through year-end, further clouding the earnings outlook and companies’ profitability,” he said.
It opened the day’s trade at 62.65, up from the 62.75 a day ago.
It traded between 62.64 and 62.72, bringing the day’s average to 62.69.
Volume reached USD1.28 billion, higher than the USD1.04 billion a day ago.
On the other hand, the local bourse’s main index shed 0.50 percent to close at 5,814.56 points, while the broader All Shares dropped by 0.41 percent to 3,253.35 points.
Only the Services index gained during the day, rising by 0.86 percent.
Holding Firms led the decliners with a drop of 2.17 percent, followed by Mining and Oil, down 1 percent; Property, 0.97 percent; Financials, 0.50 percent; and Industrial, 0.28 percent.
Volume reached 1.67 billion shares amounting to PHP6.71 billion.
Decliners outnumbered advancers 99 to 90, while 58 shares remained unchanged. (PNA)
