MANILA – The Philippine peso ended Tuesday unchanged against the US dollar, while the stock market weakened as investors remained wary of economic risks and rising inflation concerns.
The local currency settled at 61.75 to the greenback after opening the day at 61.60, stronger than Monday’s opening level of 61.69. During trading, the peso briefly appreciated to 61.55 before sliding back to its closing rate.
The day’s average exchange rate stood at 61.69, with foreign exchange transactions increasing to USD1.21 billion from the previous session’s USD1 billion.
On the equities market, the Philippine Stock Exchange index (PSEi) declined by 0.75 percent to 5,896.80, falling below the key 5,900 level. The broader All Shares index also slipped by 0.20 percent to 3,347.55.
All sectoral counters finished lower, with Property shares posting the biggest drop at 1.33 percent. Industrial stocks fell by 0.91 percent, followed by Financials at 0.62 percent, Services at 0.52 percent, Holding Firms at 0.42 percent, and Mining and Oil at 0.07 percent.
Total traded shares reached 1.21 billion valued at PHP5.4 billion. Losers outnumbered gainers, 107 to 63, while 74 stocks closed unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corp., said investors remained cautious amid uncertainty about the economy, elevated oil prices, and the peso’s weakness.
He noted that market participants are closely monitoring inflation trends and their potential impact on economic growth and corporate performance.
ia/xf
