The Philippine peso weakened against the US dollar on Tuesday, April 28, while the Philippine Stock Exchange index (PSEi) closed in negative territory.
The local currency ended the session at 61.30 to the dollar, depreciating from Monday’s (April 27) 60.71.
It opened weaker at 60.80 compared to the previous close of 60.65, briefly strengthening to 60.77 mid-trade before sliding to its intraday low by the close. The day’s average stood at 61.001.
Trading volume in the currency market rose to USD1.75 billion, up from USD1.41 billion the previous day.
Meanwhile, the local bourse’s benchmark index declined by 0.58 percent to 5,866.79 points, while the broader All Shares index fell 0.44 percent to 3,320.40.
Most sectoral indices ended lower, led by Industrials, which dropped 1.32 percent. Services declined by 0.80 percent, Property by 0.63 percent, and Financials by 0.12 percent.
In contrast, Mining and Oil edged up 0.07 percent, while Holding Firms inched higher by 0.05 percent.
Total volume reached 1.52 billion shares valued at PHP8.04 billion. Decliners outnumbered advancers, 117 to 68, while 58 stocks were unchanged.
“The Philippine market ended lower as selling pressure continues to weigh on equities, driven by continued peso depreciation to a fresh record above the 61 level against the US dollar,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
“The weaker currency heightened inflation and policy concerns, prompting investors to reduce risk exposure.”PNA
