Stocks index down on inflation worries; peso firm vs. USD

Philippine News AgencyOctober 12, 2021

MANILA – The main equities index slid on Tuesday as another uptick in global oil prices increased concerns on the acceleration in US inflation rate but the peso managed to keep its footing against the greenback.

The Philippine Stock Exchange index (PSEi) declined by 0.23 percent, or 16.19 points, to 7,107.82 points.

All Shares moved sideways after falling by 0.09 percent, or 3.83 points, to 4,420.07 points.

Most of the sectoral indexes gained during the day with Mining and Oil rising by 3.19 percent; Industrial, 0.60 percent; Financials, 0.30 percent; Property, 0.27 percent; and Holding Firms, 0.06 percent.

Only the Services index finished in the negative territory after slipping by 1.86 percent.

Volume totaled 2.45 billion shares amounting to PHP9.74 billion.

Advancers led decliners at 100 to 87, while 65 shares were unchanged.

“Philippines shares consolidated following the selloff in US and Asia after WTI (West Texas Intermediate) crude oil got traded around USD80/barrel, adding to the inflation worries of the public,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Meanwhile, the peso ended the day sideways against the US dollar at 50.85 from the previous 50.8.

It opened the trade at 50.86 and ranged between 50.9 and 50.77.

The average level for the day stood at 50.828.

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