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Stocks index suffers from window dressing

Window dressing resulted to mostly negative close in the local bourse yesterday, a day after the recovery of the main index, and this also affected the local currency.

The Philippine Stock Exchange index (PSEi) shed 0.94 percent, or 62.23 points, to 6,545.55 points.

All Shares also finished on the red after it fell by 0.56 percent, or 22.23 points, to 3,965.86 points.

Most of the sectoral gauges also declined during the day, led by the Property after it slipped by 2.09 percent.

Financials contracted by 1.50 percent, Services, 0.73 percent; Holding Firms, 0.55 percent; and Mining and Oil, 0.36 percent.

Only the Industrial gained during the day after it rose by 1.04 percent.

Volume totaled to 1.495 billion shares amounting to P4.698 billion.

Losers led gainers at 104 to 103 while 46 shares were unchanged.

“Philippine shares closed lower as early window dressing began coupled with the long holidays as investors opted to keep in cash in the meantime,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

This is partly in line with the Holy Week, wherein Maundy Thursday, Good Friday and Black Saturday, which falls on April 1-3, are declared as national holidays.

The peso ended the day at 48.545, weaker than the previous session’s 48.415.

It opened the day sideways at 48.42 from 48.47 a day ago.

It traded between 48.555 and 48.41, resulting to an average of 48.466.

Volume totaled to USD770.67 million, higher than day-ago’s USD576.4 million.*PNA

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