MANILA – Local shares shed Tuesday on the fresh rise of yields in the United States Treasury.
The Philippine Stock Exchange index (PSEi) fell 0.23 percent to 7, 537.25 points, while All Shares also declined by 0.14 percent to 4, 077.41 level.
Only Services and Financials gained on Tuesday’s trading at 0.86 and 0.72 percent, respectively.
The biggest losses came from the Property counter, down by 2.48 percent.
This was followed by Mining and oil, down by 0.72 percent; Industrial, down by 0.19 percent; and Holding Firms, down by 0.17 percent.
“The negative cues from Wall Street driven by the rise in treasury yields and the weakening of the local currency also weighed on the bourse,” Philstock Financials, Inc. research manager Japhet Tantiangco said.
Despite the overall decline in the local bourse, there were more advancers than losers at 109 to 97, with 54 left unchanged.
Meanwhile, the Philippine peso barely moved shedding 0.08 to 56.91 to the US dollar from Monday’s finish of 56.83 to the greenback.
The peso opened at 56.80 before trading between 56.72 to 56.98 to the dollar.
The average level for the day stood at 56.85 to the greenback.
Trade volume increased to USD1.9 billion from USD1.3 billion the previous days. (PNA)