Phl stocks in red territory, peso dips anew on Trump victory

Philippine shares closed in the red territory and the peso dipped anew as President-elect Donald Trump secured the win in the US elections.

The Philippine Stock Exchange index (PSEi) lost 2.11 percent or 150.98 points to 7,014.44 while All Shares fell by 1.97 percent to 3,891.64.

“Investors grew anxious as Trump’s second-term win spurred selling on the PSEi, pushing it into negative territory,” Regina Capital managing director Luis Limlingan said.

Except for Services, which gained 0.05 percent, all counters closed in the negative territory.

Property closed with the biggest loss by 3.94 percent; followed by Mining and Oil, 2.59 percent; Industrial, 2.26 percent; Financials, 2.11 percent; and Holding Firms, 1.91 percent.

Decliners led advancers at 167 to 46, leaving 40 indices unchanged.

Moreover, Limlingan said the Trump victory led to a sharp rise in US stocks hitting record highs.

“Trump is perceived as favoring lower corporate tax rates, deregulation, and pro-domestic industrial policies, all of which could stimulate the US economy and benefit-risk assets,” he added.

The peso, meanwhile, closed at 58.73 against the greenback, weaker than midweek’s 58.661.

It opened the day at 58.80 and traded between 58.805 and 58.68, bringing the day’s average to 58.747. PNA