PSEi slips anew on corruption woes, weak peso
THE PSEi closes lower on Wednesday as corruption concerns, a weaker peso, and rising treasury yields dragged investor sentiment.
Photo courtesy of Philippine Stock Exchange Inc.
The Philippine Stock Exchange index (PSEi) closed lower on Wednesday at 6,108.72, down by 0.16 percent, as persistent concerns over corruption issues in the country continued to dampen investor sentiment.
The local bourse tracked negative cues from Wall Street, while the peso’s depreciation against the US dollar and the uptick in long-term treasury yields further weighed on market activity.
Trading remained sluggish with net value turnover at only P4.68 billion. Foreign investors continued to exit, registering net outflows of P370.63 million.
All sectoral indices ended in the red, with property stocks posting the steepest decline at 0.37 percent. Market breadth was negative as decliners outnumbered advancers, 103 to 88.
Meanwhile, the peso closed at 57.46 against the US dollar, weaker than Tuesday’s finish of 57.30, according to data from the Bankers Association of the Philippines.