Philippine News Agency
Stock index slips anew, peso ends sideways
The Philippine Stock Exchange index (PSEi) slipped for the third consecutive day on Thursday, September 24, 2020, while the peso ended sideways against the US dollar.
The PSEi shed 46.92 points to close at 5,845.80, with most sectoral indices experiencing declines, led by Mining and Oil.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the retreat to slack Global Services PMIs and a cautious note from the Federal Reserve, alongside worries about a lack of a coronavirus aid package and rising Covid-19 cases.
US Manufacturing and Services PMIs for September were in line with expectations, but Eurozone Services PMI was lower than expected.
The peso ended the day at 48.56 to a US dollar, showing minimal movement from its previous closing rate and trading between 48.51 and 48.61.
Market participants struggled to shake off worries about a lack of a coronavirus aid package and rising Covid-19 cases.
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Philippine shares and the peso declined due to renewed worries about potential COVID-19 lockdowns in Europe and allegations of illicit money movement by major global banks.
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The Philippine Stock Exchange index (PSEi) recovered, gaining 0.39 percent to close at 5,864.23 points on Wednesday.
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The Philippine Stock Exchange index (PSEi) closed flat on Wednesday, September 23, 2020, shedding 1.56 points to settle at 5,892.72.
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The Philippine peso weakened further, closing at P48.56 against the US dollar on Thursday, September 24, 2020, marking a decline for the third consecutive day.
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