Philippine stocks managed to stay above 6,600 level Tuesday despite the renewed concerns about the weakening of the peso against the US dollar.
The 30-company Philippine Stock Exchange Index lost 42.87 points, or 0.64 percent, to close at 6,606.36, while the broader all-shares index slipped by 17.56 points, or 0.49 percent, to end at 3,587.77. Philstocks Financial Inc. research analyst Mikhail Plopenio said investors were worried about the local currency which has been weakening against the greenback.Plopenio said many investors were also cautious ahead of the policy decision by the Bank of Japan and the US Federal Reserve later this week.
He said the Department of Budget and Management’s projection that the national debt would increase by 8.08 percent year-on-year to P17.35 trillion by end-2025 also weighed on market sentiment. Four of the six sub-indices ended in the negative territory. Financials slumped by 1.62 percent, while property declined by 1.28 percent. Mining and oil also went down by 0.82 percent, while holding firms decreased by 0.65 percent.Value turnover amounted to P4.13 billion. Foreign investors were net sellers, with outflows amounting to P607.78 million.