Falling peso pulls PSEI downward

MANILA, Philippines — The weak Philippine peso dampened investor sentiments on Tuesday, weighing down the local stock market.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) slid by 0.74 percent, or 49.12 points, to 6,633.66.

The broader All Shares Index likewise declined by 0.36 percent, or 12.93 points, to 3,535.77.

READ: Supercharged dollar sinks peso below 58

A total of 2.95 billion shares valued at P9.8 billion changed hands, stock exchange data showed.

This came after the Philippine peso on Tuesday again breached the 58 mark against the US dollar after 18 months.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., explained that this could lead to “higher importation prices and … some pick up in overall inflation.”

Service sector gains

Only the services sector increased, buoyed by a gain in Razon-led International Container Terminal Services Inc.’s (ICTSI) share price.

Property firms lost the most as index heavyweights Ayala Land Inc. (ALI) and SM Prime Holdings Inc. registered declines.

ICTSI was the top-traded stock as it gained by 2.24 percent to P347 each.

READ: Asian markets slump as traders take profits, eye commodities’ spike

It was followed by ALI, down 2.36 percent to P29; SM Investments Corp., down 1.49 percent to P862; SM Prime, down 0.68 percent to P29; and BDO Unibank Inc., down 1.43 percent to P138 per share.

Ayala Corp. declined by 1.21 percent to P614; Century Pacific Food Inc., unchanged at P35 each; Metropolitan Bank and Trust Co., down 1.06 percent to P69.75; OceanaGold surged by 8.74 percent to P14.18; and PLDT Inc., down 1.85 percent to P1,436.

Losers edged out advancers, 99 to 86, while 48 companies closed unchanged, stock exchange data also showed.