NextGen Day

MANILA, Philippines — On Tuesday, the local stock market fell due to investor fears about the global economy, although the peso rose versus the dollar.

The Philippine Stock Exchange index (PSEi) fell 40.81 points, or 0.58 percent, to 6,980.02.

The Dow Jones Industrial Average fell 0.28 percent, or 10.41 points, to 3,712.39 points.

The majority of sectoral indices concluded the day in the red, with Holding Firms down 1.49 percent, Financials down 1.27 percent, Services down 0.67 percent, and Mining and Oil down 0.56 percent.

Property, on the other hand, increased by 0.89 percent, while Industrial increased by 0.52 percent.

With roughly 549.51 million shares worth PHP4.1 billion traded, the volume was light.

At 94 to 91, advancers outnumbered decliners, with 48 shares remaining unchanged.

“Concerns about a global economic slowdown amid Covid (coronavirus disease 2019) outbreaks in China sent interest rates lower,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to Limlingan, the 10-year Treasury rate in the United States fell to 2.8 percent, while global oil prices fell below USD100 per barrel.

Meanwhile, the peso rose against the US dollar, ending the day at 52.25, up from 52.41 the day before.

It started the day at 52.35 and fluctuated between 52.37 and 52.13 during the day.

For the day, the average level was 52.25.

The volume reached USD1.5 billion, up from USD726 million the day before.

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