More selloffs push down PSEI near 6,600

The weakening peso caused another round of selloffs on Tuesday, with the bourse nearly surrendering its 6,600 support level.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) lost 0.64 percent, or 42.87 points, to close at 6,606.36.

The broader All Shares Index likewise shed 0.49 percent, or 17.56 points, to 3,587.77.

A total of 739.53 million shares worth P4.63 billion changed hands, stock exchange data showed.

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Foreigners also weighed the market down, with net outflows totaling P607.78 million.

Mikhail Plopenio, researcher at Philstocks Financial Inc., said investors were worried about the peso, which has been “showing signs of weakening against the US dollar.”

The local currency closed trading at 58.65 against the greenback on Tuesday. This is weaker than the P58.51:$1 recorded on Monday.

Plopenio added that the Department of Budget and Management’s estimates that national debt would increase by 8.08 percent to P17.35 trillion by next year also weighed on market sentiment.

Banks registered the biggest loss at 1.62 percent, as index heavyweights BDO Unibank Inc., Bank of the Philippine Islands (BPI) and Metropolitan Bank and Trust Co. (Metrobank) declined.

Sy family-led BDO was the most actively traded stock as it shed 2.85 percent to P136.50 each.

It was followed by Ayala Land Inc., down 2.91 percent to P30.05; SM Investments Corp., down 1.09 percent to P907; International Container Terminal Services Inc., up 0.86 percent to P353; and BPI, down 0.73 percent to P122.10.

Other actively traded stocks were Ayala Corp., up 0.34 percent to P593; SM Prime Holdings Inc., down 0.51 percent to P29.25; Metrobank, down 1.59 percent to P68; GT Capital Holdings Inc., down 2.46 percent to P575.50; and PLDT Inc., up 0.54 percent to P1,493 per share. —Meg J. Adonis INQ