THE peso closed unchanged Tuesday at its latest record low of P61.75 to the dollar while the stock market fell for a third straight trading day as uncertainties continued to dampen sentiment.
The currency opened at P61.6:$1 and ranged from P61.55 to P61.75. Volume reached P1.209 billion, up from P1.001 billion in the previous session.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso stayed at the record-low level due to possible market intervention around the P61.70 level, along with potential Bangko Sentral ng Pilipinas rate hikes that could help stabilize the currency.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, sank below the 5,900 level, shedding 44.72 points, or 0.75 percent, to end the day at 5,896.80.
The peso’s record low and Brent crude prices testing the $110-per-barrel level were said to have pressured the market.
Trading activity stayed subdued, with net value turnover reaching just P4.71 billion, reflecting the cautious mood among investors.
Foreign investors remained net sellers, with outflows hitting P680.04 million.
Japhet Tantiangco, research manager at Philstocks Financial Inc., said many investors stayed on the sidelines due to lingering downside risks.
Regina Capital Development Corp. head of sales Luis Limlingan also said that investors maintained a wait-and-see stance amid persistent uncertainty over economic conditions, inflationary pressures and currency depreciation.
All sectoral indices closed in the red, with property stocks suffering the steepest decline of 1.33 percent.
Decliners outnumbered advancers, 107 to 63, while 74 remained unchanged.
NIÑA MYKA PAULINE ARCEO, NAZYLEN JOY MABANGLO
