THE stock market reopened, but foreign exchange trading remained suspended on Thursday, a day after heavy rains and floods brought Metro Manila to a standstill.
In a morning Facebook post, the Bangko Sentral ng Pilipinas (BSP) said that trading in the US dollar and Philippine peso, as well as other monetary operations, would again be halted for the day.
The processing of currency-related transactions and PhilPaSSplus operations, which was allowed on Wednesday, was also suspended.
“Banks can tap the Cash Service Alliance for their currency needs,” the BSP said.
All services will resume on Friday, the central bank announced later in the day.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, plunged by 82.85 points, or 1.23 percent, to 6,670.27 while the broader All Shares fell by 0.87 percent, or 31.67 points, to 3,606.81.
Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said the drop was due to an overnight sell-off on Wall Street “amid dismal Q2 (second quarter) corporate results from the tech sector.”
“Concerns over the economic damages to the country caused by super typhoon Carina weighed on the bourse,” he added.
“Lastly, investors digested the government’s latest fiscal position data, which posted a deficit of P209.10 billion.”
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said that “Philippine shares followed the sentiment of regional equities.”
“Wall Street declined on Wednesday due to a sharp tech-driven sell-off following disappointing quarterly reports from major tech companies like Alphabet and Tesla,” he noted.
All sector indices closed in the red, with mining and oil down the most by 3.78 percent.
Decliners outnumbered gainers, 121 to 59, while 54 remained unchanged.
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