MANILA – The main equities index turned negative on Wednesday as investors preferred to focus overseas but the peso was little changed against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 0.30 percent, or 21.95 points, to 7,230.15 points.
All Shares dipped by 0.06 percent, or 2.7 points, to 4,453.82 points.
Half of the sectoral indexes also finished the day in the red with the Holding Firms declining by 1.66 percent; Services, 0.39 percent; and Mining and Oil, 0.28 percent.
On the other hand, Industrial gained by 1.81 percent, Property by 0.59 percent, and Financials by 0.20 percent.
Volume totaled 746.19 million shares amounting to PHP7.75 billion.
Decliners surpassed advancers at 104 to 94, while 47 shares were unchanged.
“Philippine shares took a breather as funds concentrated in the US due to strong corporate earnings and improved consumer confidence,” Regina Capital Development Corporation head of sales Luis Limlingan said.
Citing reports, Limlingan said the consumer confidence index in the US rose to 113.8 for October 2021, from the revised 109.8 in the previous month, and surpassed consensus estimates of 108.5.
Meanwhile, the local currency finished the day at 50.72 against a US dollar, sideways from its 50.761 close a day ago.
It opened the trade at 50.725 and ranged between 50.825 and 50.71.
Average level for the day stood at 50.782.