The peso gained slightly against the US dollar on Tuesday, while Philippine shares ended lower as concerns over weaker economic growth and elevated fuel prices weighed on investor sentiment.
The local currency closed at 62.72 to the dollar, stronger than Monday’s 62.78 finish.
It opened at 62.65 and traded between 62.64 and 62.72, averaging 62.69 for the session.
Foreign exchange volume rose to USD 1.28 billion from USD 1.04 billion in the previous session.
Meanwhile, the Philippine Stock Exchange index fell 0.50 percent to 5,814.56, while the broader All Shares index declined 0.41 percent to 3,253.35.
Luis Limlingan, head of sales at Regina Capital Development Corporation, said investors remained cautious amid expectations that the recovery in third-quarter economic growth could be weaker than anticipated.
He added that sentiment was also affected by the Department of Energy’s warning that fuel prices could remain above pre-war levels through the end of the year, raising concerns over corporate earnings and profitability.
Among sectoral indices, only Services ended higher, gaining 0.86 percent.
Holding Firms posted the steepest decline at 2.17 percent, followed by Mining and Oil at 1 percent, Property at 0.97 percent, Financials at 0.50 percent and Industrial at 0.28 percent.
Trading volume reached 1.67 billion shares valued at Php 6.71 billion.
Decliners outnumbered advancers, 99 to 90, while 58 issues were unchanged.
