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Shares decline after release of inflation data, peso ends sideways

MANILA: Local shares declined on Tuesday following the inflation report for February 2024, while the peso closed sideways.

The Philippine Stock Exchange index (PSEi) ended the day down by 0.67 percent at 6,905.46, with All Shares also declining by 0.41 percent to 3,604.27 level.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the local bourse eased during this day’s trading as investors digested the February 2024 inflation which came at 3.4 percent, higher than the previous month’s rate of 2.8 percent.

‘This also broke the four-month declining trend in inflation,’ Plopenio said.

‘Wall Street’s decline spilled over to the local bourse as well amid profit-taking after the S and P 500 and NASDAQ reached record highs last week,’ he added.

Holding Firms was the lone gainer for the day, which shares increased by 0.97 percent to 6,568.35.

Losers were led by Financials, down by 1.56 percent; followed by industrial, 1.48 percent; Property, 1.09 percent; and Services, 0.89 percent

Mining and Oil shares were flat.

Decliners outpaced advancers at 113 to 77, leaving 50 issues unchanged.

Meanwhile, the peso closed sideways at 55.95 to a US dollar from 55.97 on Monday.

The local currency opened Tuesday at the same level in the previous day at 56 to the greenback.

The exchange rate ranged from 55.95 to 56.04, with the average level standing at 56 to a dollar.

Trade volume slightly increased to USD821.65 million from USD768.2 million the previous day.

Source: Philippines News Agency