THE peso ended firmer against the US dollar on Tuesday as global crude oil prices softened, while Philippine stocks closed lower in the absence of positive catalysts to lift market sentiment.
The local currency strengthened by five and a half centavos to P62.725 on Tuesday from Monday’s P62.78:$1.
It opened at P62.65 and traded between P62.64 and P62.725 during the session. Trading volume increased to $1.283 billion from $1.044 billion in the previous session.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso slightly strengthened after global crude oil prices hovered “near two-week lows ahead of possible talks and other diplomatic efforts this week related to the Middle East war.”
Elevated local fuel prices, macroeconomic worries amid possible tightening following the US Federal Resreve’s hawkish stance and the ongoing conflict in the Middle East continued to dampen sentiment for equities.
The Philippine Stock Exchange index (PSEi) dropped 29.23 points or 0.50 percent to 5,814.56, with all sectors finishing lower except services.
The services sector gained 0.86 percent, while all other sectors were in the red, with holding firms posting the biggest decline of 2.17 percent
Value turnover was P6.71 billion, while total volume turnover reached 1.67 billion shares. Foreign investors remained net sellers, with net selling recorded at around P1.01 billion.
Decliners outnumbered gainers 99 to 90, with 58 stocks unchanged.
Monde Nissin Corp. led index gainers, rising 1.48 percent to close at P6.16 per share, while the biggest laggard was Ayala Corp., dropping 8.07 to P490.00.
