The Philippine stock market inched up Tuesday amid tepid trading as investors stayed on the sidelines while waiting for fresh catalysts.
The gains were tempered by the rise of the US’ treasury yields and the continued weakening of the local currency against the dollar. Data showed that the peso fell to 57.88 against the US dollar Tuesday from 57.59 Monday. Monde Nissin Corp. was the top index gainer, jumping 3.94 percent to P11.08, while mining firm Nickel Asia Corp. was at the bottom, falling 2.88 percent to P3.37.
With few catalysts to drive business, investors took a step back Tuesday after the Dow and S&P 500 came off all-time highs, with concerns growing that stocks may be overbought and due a correction. Kansas City Fed boss Jeffrey Schmid backed a slower pace of easing, which he said would allow it to find a neutral level.
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