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PSEi slips; peso firm vs. dollar

Wait-and-see stance on the election result in Georgia, United States kept investors at bay, resulting in the negative close of all indices in the local bourse, while the peso managed to stay firm against the greenback.

The Philippine Stock Exchange index (PSEi) shed 1.21 percent, or 86.33 points, to 7,047.85 points.

All Shares slipped by 1.03 percent, or 43.80 points, to 4,230.14 points.

The Financials index registered the highest drop among the sectors declining by 2.30 percent followed by Holding Firms, 1.36 percent; Services, 1.34 percent; Mining and Oil, 0.88 percent; Property, 0.70 percent; and Industrial, 0.32 percent.

Volume totaled 22.68 billion shares amounting to P11.91 billion.

Losers led gainers at 146 to 74, while 45 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said investors are also watching for developments on the new strain of coronavirus disease 2019 (Covid-19).

Meanwhile, the peso ended the day at 48.033 to a US dollar, sideways from its 48.065 close Tuesday.

It opened the day at 48.055 and traded between 48.075 and 48.03.

The average level for the day stood at 48.06.

Volume totaled USD488.8 million, lower than the USD586 million a day ago.

Oil prices, on the other hand, jumped significantly yesterday after a more than expected cut in OPEC+ production when Saudi Arabia issued a surprise, major unilateral cut of 1 million barrels per day (bpd).

International benchmark Brent crude was trading at USD53.87 per barrel for a 0.50-percent rise after closing Tuesday at USD53.60 a barrel.*PNA

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