PSEi, peso weaken Tuesday

MANILA — Risk aversion due to geopolitical concerns overseas, among others, continue to negatively affect Philippines’ equities market and the peso Tuesday.

The Philippine Stock Exchange index (PSEi) shed anew and lost 0.91 percent, or 74.59 points, to 8,170.14 points.

Most of the other indices tracked the main index, with the broader All Shares down 0.63 percent or 30.79 points, to 4,831.86 points.

The biggest loser among the sectors is the Mining and Oil, which contracted by 2.40 percent.

It was followed by the Industrial, 1.51 percent, Property, 1.31 percent; Financials, 0.76 percent; and Holding Firms, 0.42 percent.

Only the Services index posted gains after rising by 0.21 percent.

Volume for the day reached 2.22 billion shares amounting to PHP9.61 billion.

Losers led gainers at 138 to 63 while 53 stocks were unchanged.

Also, the peso shed PHP0.225 to a greenback and finished the day at 50.935 from 50.71 a day ago.

A trader said performance of the PSEi is partly to be blamed as investors remain worried of the recent tension between the US and North Korea.

Thus, the weak opening of the local currency at 50.72 from 50.58 Monday.

It traded between its opening level and 50.94, resulting to an average of 50.83.

Volume for the day reached USD687.9 million, down from the USD788.7 million a day ago.

The trader expects the peso to trade between 50.70 and 50.90 Wednesday. Joann Villanueva/

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