Peso slide pulls down market

MANILA, Philippines — The peso’s slide pulled down share prices yesterday following a strong opening at the start of the week.

After Monday’s climb, the Philippine Stock Exchange index slid back by 0.74 percent or 49.12 points to close yesterday’s session at 6,633.66.

The broader All Shares index likewise ended 0.36 percent or 12.93 points lower at 3,535.77.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market dropped as investors worry over the weakness of the local currency against the US dollar.

“The peso breached the P58-per-dollar mark which has been the lowest in nearly two years,” Plopenio said.

The peso shed 37 centavos to close at 58.27 to $1 from Monday’s 57.90 to $1. This was the lowest level for the local currency since closing at 58.275 to $1 on Nov. 8, 2022

According to Plopenio, the lack of strong positive leads also weighed on the market.

“Philippine shares weakened as investors watched the peso slide below the P58 mark toward the US dollar, while the US market went underway with trading,” Luis Limlingan of Regina Capital said.

Net market value turnover, however, was quite strong at P5.45 billion, which was higher than the year-to-date average of P4.99 billion.

All counters were in the red, except for services, which gained by 0.78 percent.

Property suffered the biggest hit, dropping by 1.28 percent, while financials and holding firms each declined by more than one percent.

Market breadth was negative as decliners edged out advancers, 99 to 86, while 48 issues were unchanged.