The PSEi ends on the side ahead of US economic data; the peso is weakening

MANILA – The main stock index closed sideways on Monday as investors waited for new economic data from the United States as the peso weakened against the greenback.

The Philippine Stock Exchange Index (PSEi) rose 0.09%, or 6.35%, to 7,219.81 points.

All stocks fell 0.40%, or 17.88 points, to 4,430.93 points.

Half of the sector indices gained during the day, including real estate, 1.41%; Finance, 0.70%; and Mining and Petroleum, 0.19 percent.

Those that closed in negative territory were services, 1.21%; Holdings, 0.46 percent; and industrial, 0.24 percent.

The volume totaled nearly 1.1 billion shares amounting to PHP 11.25 billion.

The losers led the winners to 131 to 67, while 42 stocks were left unchanged.

“Philippine stocks have got off to a mixed start as investors receive a snapshot of US industrial production tonight and the peak of the real estate market on Tuesday,” said Luis Limlingan, director of sales for Regina Capital Development Corporation.

Limlingan said the US earnings season is now in full swing, and that it will be watched by locally listed companies in the coming weeks.

“So far, 41 S&P components have released 3Q21 (third quarter 2021) results, with 80% of them beating consensus expectations. ‘inflation and economic recovery,’ he added.

Meanwhile, the local currency depreciated against the US dollar during the day after closing the trade at 50.84 from its close of 50.711 last Friday.

It opened trade at 50.73 and traded between 50.89 and 50.72.

The average level for the day stood at 50.807.

The volume totaled $ 829.49 million, lower than the $ 957.74 million in the previous session. (ANP)

Previous Markets with strong earnings and economic data: Top 5 picks
Next The Western economic system is coming to an end, by Thierry Meyssan

No Comment

Leave a reply

Your email address will not be published.