Stocks index, peso down after inflation figures announced

September 5, 2018

The main stock index fell while the peso weakened to a 12-year low after the government announced that August inflation surpassed official projections to hit 6.4 percent on Wednesday.

The peso finished at P53.55 against the US dollar from P53.535 on Tuesday. Volume at the Bankers Association of the Philippines climbed to $1.38 billion from $440.75 million on the previous day.

The Philippine Stock Exchange ended at v7,752.27 points, down 129.55 after being down as much as 159  points at one stage. In the broader market, there were 146 decliners, 51 gainers and 38 shares unchanged.

Volume reached 1.69 billion shares valued at P5.9 billion from Tuesday's 874.6 million valued at P5.9 billion. Foreigners were net sellers with P3.09 billion while buying was at P2.05 billion.

Most active shares were led by Ayala Land, down 1.8 percent to P43.40; BDO, down 5.08 percent to P123.30 and SM Prime, down 2.45 percent to P37.75. DMS