Philippine stocks slid Tuesday, with the benchmark index closing just slightly above the 6,500 support level while the peso rebounded as investors await key economic data.
The Philippine Stock Exchange index dropped 70.26 points, or 1.07 percent, to close at 6,501.34, while the broader all-shares index lost 25.34 points, or 0.7 percent, to settle at 3,484.74 at the close of trading session.
The peso rose to 57.97 against the dollar Tuesday from 58.11 Monday after the country’s economic managers painted a rosy outlook this year.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi hit the support level “as US investors resume trading and will be anticipating key economic data”.
“Investors are particularly focused on consumer confidence due on Tuesday and April personal income and expenditures report, which includes the personal consumption expenditures inflation reading expected on Friday,” Limlingan said.
Value turnover improved to P4.96 billion.
Sectoral indices ended mixed with mining and oil and financial posting gains of 1.49 percent and 1 percent, respectively.
Property dropped 1.84 percent, followed by industrial and services which declined by 1.54 and 1.53 percent, respectively.
Losers edged gainers, 101 to 93.
