Peso unchanged, PSEi edges lower

THE peso was unchanged on Tuesday while the stock market dipped as investors continued to await fresh data.

The currency again closed at P56.06 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 5.26 points, or 0.09 percent, to 6,110.88.

The broader All Shares slipped by 0.28 percent, or 9.24 points, to 3,286.28.

Philstocks Financial Inc. research associate Claire Alviar said the bourse edged slightly lower as investors awaited US inflation data for October and news about a meeting between US President Joe Biden and Chinese President Xi Jinping.

A slowdown in bank lending in September also “somehow dampened the sentiment” locally, she added.

Many investors remained on the sidelines, Alviar continued, with net market value turnover at P2.49 billion.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said the PSEi closed lower following Moody’s cut to the US outlook, while others were likely looking ahead to the release of inflation data.

The peso opened trading at P56.04:$1 and ranged from P56.02 to P56.14. Volume reached P1.429 billion, higher than the P1.184 billion seen in the previous session.

At the stock market, only property and holding firms ended the session in the green, up by 0.58 percent and 0.37 percent, respectively.

Financials had the biggest loss of 0.82 percent, followed by services at 0.68 percent.

Volume remained thin with just over 361.5 million shares worth some P2.87 billion traded.

Decliners outnumbered advancers, 104 to 63, while 45 were unchanged.