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Stocks dip on global growth concerns; peso strengthens

GROWTH CONCERNS. The main equities index declines on Tuesday (April 26, 2022) on global growth concerns amid resurging coronavirus disease 2019 (Covid-19) cases in China. However, the peso improved against the US dollar. (PNA file photo)

MANILA – The local stock barometer declined on Tuesday on investors’ global economic concerns but the peso appreciated against the greenback. 

The Philippine Stock Exchange index (PSEi) shed 0.58 percent, or 40.81 points, to 6,980.02 points.

All Shares followed with a decline of 0.28 percent, or 10.41 points, to 3,712.39 points. 

Most of the sectoral indices also finished the day in the negative territory namely Holding Firms, 1.49 percent; Financials, 1.27 percent; Services, 0.67 percent; and Mining and Oil, 0.56 percent.

On the other hand, Property rose by 0.89 percent and Industrial by 0.52 percent. 

Volume was thin at around 549.51 million shares amounting to PHP4.1 billion.

Advancers led decliners at 94 to 91, while 48 shares were unchanged. 

“Philippine shares slid into the red as concerns about a global economic slowdown amid Covid (coronavirus disease 2019) outbreaks in China sent interest rates lower,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Limlingan said the US’ 10-year Treasury rate slid to 2.8 percent and global oil prices declined to below USD100 per barrel. 

Meanwhile, the peso gained against the US dollar after finishing the trade at 52.25 from 52.41 a day ago.

It opened the day at 52.35 and traded between 52.37 and 52.13. 

The average level for the day stood at 52.25.

Volume reached USD1.5 billion, more than double the USD726 million a day ago. (PNA) 

 

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Credit belongs to : www.pna.gov.ph

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