PSEi ends sideways ahead of US economic data; peso weakens - TrueID

PSEi ends sideways ahead of US economic data; peso weakens

Philippine News AgencyOctober 18, 2021

MANILA – The main stocks index closed sideways on Monday as investors awaited new economic data from the United States while the peso weakened against the greenback.

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

All Shares went down by 0.40 percent, or 17.88 points, to 4,430.93 points.

Half of the sectoral indexes gained during the day including Property, 1.41 percent; Financials, 0.70 percent; and Mining and Oil, 0.19 percent.

Those that closed in the negative territory were Services, 1.21 percent; Holding Firms, 0.46 percent; and Industrial, 0.24 percent.

Volume totaled nearly 1.1 billion shares amounting to PHP11.25 billion.

Losers led gainers at 131 to 67, while 42 shares were unchanged.

“Philippine shares were off to a lukewarm start as investors will be given a snapshot of US industrial production tonight and the housing market highlight on Tuesday,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan said earnings season in the US is now in full swing, and this will be followed by locally listed firms in the next few weeks.

“So far, 41 S&P components have reported 3Q21 (third quarter 2021) results, with 80 percent of them topping consensus expectations. Anticipation is for solid corporate earnings against concerns about inflation and the economic recovery,” he added.

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

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

The average level for the day stood at 50.807.

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