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Bacolod City, Philippines Friday, August 28, 2020
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Peso, stocks index down


Both the peso and the main stocks gauge finished in the negative territory yesterday, spooked partly by the geopolitical concerns overseas.

The Philippine Stock Exchange index (PSEi) shed 0.17 percent, or 9.78 points, to 5,921.55 points.

All Shares managed to move sideways after it rose by 0.005 percent, or 0.17 points, to 3,544.41 points.

Most of the sectoral indices ended the day on the red, led by the Holding Firms with a drop of 0.61 percent.

It was trailed by the Services, 0.41 percent; Property, 0.33 percent; and Industrial, 0.27 percent.

Volume totaled 5.08 billion shares, amounting to P17.5 billion.

Gainers led losers at 98 to 86, while 57 shares were unchanged.

Meanwhile, the local unit finished the day’s trade at 48.63 from 48.52 close a day ago.

It opened the day at 48.57, sideways from its 48.52 start a day ago.

It traded between 48.68 and 48.55, resulting in an average of 48.621.

Volume totaled USD776.07 million, higher than the USD481.5 million a day ago.

Luis Limlingan, Regina Capital Development Corp. head of sales, said investors stayed at the sidelines “ahead of the Jackson Hole meeting today and the MSCI rebalancing tomorrow.”

“In addition, some concerns overseas kept local investors at bay as China fired two medium-range missiles into the South China sea whilst (the) US put sanctions on 24 firms,” he said.

Reports said the missiles were fired after China raised the red flag about an American spy plane.

US, in turn, sanctioned 24 Chinese firms alleged to be part of the group that constructed Chinese outposts in the South China Sea.*PNA


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