Peso stays firm, local shares drop ahead of Powell’s testimony

By Joann Villanueva/Philippine News Agency

MANILA — The Philippine peso stayed firm against the US dollar Tuesday but the Philippine Stock Exchange index (PSEi) fell for the second consecutive day ahead of Federal Reserve Chairman Jerome Powell’s congressional hearing.

The local currency ended the day’s trade at 51.31 from 51.32 a day ago, which BPI Research attributed to investors’ decision to stay on the sidelines pending Powell’s testimony on Wednesday and Thursday.

It opened the day little changed at 51.36 from 51.35 a day ago.

It traded between 51.40 and 51.26, resulting to an average of 51.327.

Volume increased to USD761.92 million from USD651.48 million a day ago.

The currency pair is seen to trade between 51.20 and 51.50 on Wednesday.

On the other hand, the main equities gauge declined by 0.12 percent, or 9.48 points, 8,042.04 points.

All Shares declined by 0.26 percent, or 12.73 points, to 4,900.74 points.

Most of the sectoral indices also ended on the red, led by Services, which contracted by 1.68 percent. Holding Firms, Property and, Industrial trailed with declines of 0.32 percent, 0.14 percent; and 0.06 percent, respectively.

On the other hand, Mining and Oil rose 0.46 percent and Financials by 0.31 percent.

Volume reached 1.57 billion shares amounting to PHP5.89 billion.

Gainers led losers at 125 to 71 while 44 shares were unchanged.

For the latest updates about this story, visit the Philippine News Agency website

Popular

PBBM hails historic moment towards achieving lasting peace in Mindanao

By Dean Aubrey Caratiquet “Hinding-hindi namin kayo pababayaan.” Such a simple Filipino statement, yet one that defines a powerful message—a commitment to not leave someone behind...

PBBM hails chefs, establishments that elevate Filipino cuisine on the global stage

By Dean Aubrey Caratiquet “For Filipinos, food is never just about food.” Reaffirming his support for Filipino cuisine, President Ferdinand R. Marcos Jr. graced the MICHELIN...

PBBM champions sustainable mobility in e-trike assembly plant visit

By Dean Aubrey Caratiquet Consistent with the administration’s thrust towards sustainable mobility, the government continues to express its support for enterprises that share the same...

Pag-IBIG financed homes increase 15% to over 68K in 9 months, socialized housing grows 173% under PBBM’s Expanded 4PH

Pag-IBIG Fund financed over 68,000 homes in the first nine months of 2026, up 15% from the same period last year, as financing for...