NextGen Day

The local major stocks index dropped on Tuesday, owing in part to Fitch Rating’s downgrade of the country’s credit rating, but the peso managed to rebound versus the US dollar, rising to a mid-trade level of 49.

To 6,795.13, the Philippine Stock Exchange index (PSEi) fell 1.72 percent or 118.74 points.

All other counters followed suit, with the All Shares falling 1.27 percent, or 54.26 points, to 4,215.76 points.

The Property index fell the most at 2.26 percent, followed by Holding Firms at 2.01 percent, Financials at 1.56 percent, Mining and Oil at 1.28 percent, Industrial at 0.92 percent, and Services at 0.04 percent.

A total of 1.89 billion shares worth PHP5.78 billion were traded.

At 125 to 66, losers outnumbered gainers, with 51 shares remaining unchanged.

Investor mood was impacted by Fitch Ratings’ decision to alter the outlook of the country’s investment-grade rating from stable to negative owing to the effect of the pandemic, according to Luis Limlingan, Regina Capital Development Corporation’s head of sales.

The lower forecast “reflects rising risks to the credit profile from the effect of the epidemic and its aftermath on policy-making as well as on economic and fiscal out-turns,” according to him.

Investors’ focus has turned back to the United States, as earnings season kicks out in earnest later today, and investors will be looking to see whether businesses’ performance justifies the market’s lofty valuations.

Meanwhile, the peso reversed course after several days of decline, rising versus the greenback.

It ended the day at PHP50 against the US dollar, up from PHP50.12 the day before.

It started the day at PHP50.3 and fluctuated between PHP50.3 and PHP49.95 throughout the day.

For the day, the average level was PHP50.138.

The volume was USD801.5 million, up from USD664.2 million the day before.

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