PSEi tracks Asian indices, peso weakens

MANILA: The local stock barometer dropped on Wednesday, tracking other Asian stock markets, while the peso moved sideways.

The Philippine Stock Exchange index (PSEi) fell to 6,411.41 level, shedding 89.93 points, or 1.38 percent. All Shares also declined by 0.95 percent to 3,451.74.

‘(T)he sentiment was dampened by the latest Monetary Policy Report, which stated that the Bangko Sentral ng Pilipinas (BSP) sees the Philippines’ economic growth to miss the government’s target in 2024 and 2025 due to the impact of high interest rates. Overseas, most Asian markets also traded lower as investors assessed inflation rates in the region,’ Philstocks Financial, Inc. research associate Claire Alviar said.

All counters closed in the negative territory, with biggest shedding from Financials, down by 2.36 percent, followed by Services, Property, Mining and Oil, Industrial, and Holding Firms.

Losers outnumbered gainers at 127 to 70, with 40 firms were unchanged.

Meanwhile, the peso weakened on Wednesday at 58.42 agains
t the US dollar from Tuesday’s finish of 57.97.

It opened at 58.07 before trading between 58.07 and 58.51, bringing the average level at 58.29.

Volume of trade increased to USD1.4 billion from USD1.24 billion the previous day.

Source: Philippines News Agency