MANILA – The peso and the main equities index closed near unchanged Wednesday.
The Philippine Stock Exchange index (PSEi) finished the day at 6,282.01 points, up 0.004 percent or 0.26 points.
All Shares shed 0.03 percent, or 1.21 points, to 3,698.40 points.
Most of the sectoral indices also finished the day in the red, led by the Industrial, which fell 0.87 percent.
Mining and Oil counter declined by 0.65 percent; Financials, 0.18 percent; Services, 0.13 percent; and Property, 0.006 percent.
Only the Holding Firms posted an uptick during the day after it rose by 0.42 percent.
Volume totaled to 1.26 billion shares amounting to PHP8.1 billion.
Losers surpassed gainers at 97 to 92 while 61 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said “local shares closed flat as investors began to align with the FTSE (Financial Times Stock Exchange) rebalancing which will take into effect at the end of the week.”
However, Limlingan said “optimism over a recovering U.S. economy overrode concern of a resurgence in coronavirus cases.”
Among the places where second wave of coronavirus disease 2019 (Covid-19) infections are being recorded include Beijing in China, and the states of Florida and Texas in the US.
Limlingan also cited reports wherein Federal Reserve Chairman Jerome Powell was quoted as saying there remains “significant uncertainty” on the timing and strength of economic recovery in the US.
Powell said that while there are some improvements in the employment sector, this is still not enough compared to the situation before the pandemic hit.
At home, the peso ended the day at 50.03 from 50.07 Tuesday.
It opened the day at 50.13, better than its 50.23 start a day ago.
It traded between 49.95 and 50.02, resulting in an average of 50.137.
Volume totaled to USD768.5 million, lower than the previous day’s USD901.5 million. (PNA)