The economic impact of the forecast strong El Niño in the Philippines starting in October added to investors’ concerns, resulting in the negative close of both the Philippine Stock Exchange index and the peso on Wednesday, Sept. 30.
The local bourse’s main index shed further by 1.03 percent to 5,679.48 points, and the broader All Shares by 0.74 percent to 3,179.08 points.
Only the Holding Firms index gained during the day, up by 0.21 percent.
Services, meanwhile, fell the most at 1.84 percent, and was followed by Financials, 1.29 percent; Mining and Oil, 1.21 percent; Industrial, 0.61 percent; and Property, 0.11 percent.
Volume was thin at 749.43 million shares, amounting to PHP9.1 billion.
Decliners led advancers at 106 to 74 while 71 shares were unchanged.
Philstocks Research attributed the performance in the local bourse partly to economic concerns vis-a-vis the risk to government infrastructure from a severe El Niño.
“The negative cues from Wall Street amid the continuous rise in US long-term treasury yields and the weak peso also weighed on the market,” it added.
The local currency ended the day at 62.64, weaker than its 62.56 close on Tuesday.
It opened the day at 62.50, down from the previous day’s start of 62.40, and traded between 62.67 and 62.50. The day’s average stood at 62.60.
Volume reached USD1.43 billion, down from the previous session’s USD1.48 billion.PNA
