MANILA – The local stock market extended its losing streak to five days while the peso also closed weaker against the dollar on November 12.

The Philippine Stock Exchange index (PSEi) went down by 1.87 percent to 6,810.11 while All Shares shed 1.21 percent to 3,820.34.

The peso, meanwhile, closed 58.831 against the dollar on November 12, weaker than the previous finish at 58.595.

The local currency opened at 58.73.

It traded between 58.73 and 58.845, bringing the weighted average of the day to 58.811.

Volume of trade fell to US$1.11 billion from US$1.31 billioN.

On November 13, the Philippine peso managed to keep its footing against the US dollar  amidst the slip of local equities post-US elections.

The local currency finished the day at 58.735 from the previous session’s 58.831.

It started the day almost unchanged at 58.75 and traded between 58.77 to 58.66, bringing the day’s average to 58.706.

Volume reached US$1.43 billion, up from Tuesday’s US$1.12 billion.

 Meanwhile, all the indices in the local bourse ended in the negative territory, with the Philippine Stock Exchange index (PSEi) down by 1.41 percent, or 95.78 points, to 6,714.33 points.

Regina Capital Development Corporation Managing Director Luis Limlingan considered this “a position not seen in over two months.”

Limlingan said local bourse tracked US counterparts after the post-election rally, with the focus now on key inflation and trade data out late this week overseas.

He said these reports will contribute largely to investors’ sentiment, especially after the 25 basis points reduction in the Fed Funds Rate last Nov. 7.

“Back home, the PSEi also closed in the red, pressured by investors’ concerns over declining FDI (foreign direct investments) inflows,” he said.

Limlingan also cited the 5-percent decline in oil prices in the international market due to reduced demand growth forecast by the Organization of the Petroleum Exporting Countries (OPEC) and disappointment in China’s stimulus plan. 

The broader All Shares slipped by 0.73 percent, or 27.88 points, to 3,792.46 points.

Financials led the sectors with a drop of 1.84 percent, followed by Industrial, 1.80 percent; Holding Firms, 1.33 percent; Services, 0.85 percent; Property, 0.64 percent; and Mining and Oil, 0.34 percent.

Volume reached 592.15 million shares amounting to P6.94 billion.

Decliners surpassed advancers at 140 to 66, while 48 shares were unchanged.