Oliver Bugarin 9 0 0 3 min to read

The stock market index continues to fall while the peso maintains its position.

On Wednesday, the major index of the local stock exchange experienced another negative close due to fears of further Federal Reserve interest rate increases, while the peso’s performance versus the US dollar was neutral.

To reach 6,583.65 points, the Philippine Stock Exchange index (PSEi) lost 1.59 percent or 106.62 points.

After falling by 1.35 percent, or 47.78 points, to 3,500.72 percent, All Shares lagged.

The majority of sectoral indexes also decreased, with Holding Firms leading the way with a 3.50 percent decline.

Services came in second with 1.57 percent, followed by Mining and Oil with 1.03 percent, Financials with 0.91 percent, and Industrial with 0.85 percent.

Only the Property index increased during the day, which followed a 0.98 percent increase.

1.45 billion shares, or PHP8.87 billion, were traded in the entire volume.

At 128 to 67, decliners outnumbered gainers, while 42 shares remained the same.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “the local index extended its losing streak to close the month on the Fed’s (Federal Reserve) remarks that it will raise its interest rates still to temper inflation despite potential negative effects on the economy and corporate profits.”

Oil prices “sharply fell yesterday on inflation fears and growing unrest in Iraq,” he claimed.

West Texas Intermediate (WTI) and Brent crude oil futures both decreased by 5.5 percent to USD99.31 and USD91.64, respectively, per barrel, according to Limlingan.

The local currency decreased from the previous day’s close of 56.225 to 56.145 at the close of trading.

It started the trading day at 56.2 and fluctuated between 56.21 and 56.11. For the day, the average level was 56.171.

Volume decreased from USD 1.08 billion the day before to USD 810.71 million.

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