Philippine Stocks and Peso End Tuesday Trading Nearly Unchanged

MANILA — The Philippine stock market and currency exhibited minimal movement on Tuesday, with the Philippine Stock Exchange index (PSEi) closing slightly lower and the peso remaining stable against the US dollar.

According to Philippines News Agency, research and engagement officer at Philstocks Financial, Inc., the market fluctuated throughout the day, initially opening higher due to bargain hunting following Monday’s sharp decline. However, last-minute profit-taking reversed early gains, with the PSEi ultimately closing down by 0.02 percent or 1.49 points at 6,433.24. Meanwhile, the All Shares index managed a slight increase of 0.13 percent, ending at 3,520.94 points.

Sector performance varied, with Property, Services, and Holding Firms ending in positive territory, while Mining and Oil, Industrial, and Financial sectors saw declines. The market was influenced by negative cues from Wall Street and statements from the BSP Governor regarding the potential for maintaining high interest rates amidst evolving inflation conditions.

The trading day concluded with more stocks declining than advancing, with 97 losers to 84 winners, and 56 unchanged. On the currency front, the Philippine peso continued to hover around the 57 level against the US dollar, closing at 57.81, slightly appreciating from Monday’s close of 57.90. The currency traded within a narrow range, from a low of 57.80 to a high of 58.02, averaging 57.91 for the day.

Trading volume decreased significantly, dropping to USD1.21 billion from USD1.76 billion the previous session, indicating a quieter trading day across both equities and currency markets.