Profit-taking cuts local index; peso ends weak

INQUIRER FILES

MANILA  – The local stock market shed on profit-taking, while the peso ended weak on Thursday.

The Philippine Stock Exchange index (PSEi) declined by 0.49 percent to 7,400.33, while All Shares, likewise, decreased by 0.52 percent to 4,076.24 points.

“Contributing to the market’s decline is the lingering weakness of the local currency,” Philstock Financials, Inc. research manager Japhet Tantiangco said.

“Foreign investors, which were net sellers for the day, added to the market’s drop. Net foreign outflows amounted to PHP47.87 million.”

Only the Financials counter closed in the green territory, up 0.38 percent.

The biggest loss came from the Holding Firms index, down by 1.17 percent; Mining and Oil, down by 1.05 percent; Industrial, down by 0.54 percent; Property, down by 0.52 percent; and Services, down by 0.25 percent.

Gainers outnumbered losers at 102 to 92, while 64 counters maintained their shares.

Meanwhile, the Philippine peso closed weak at 57.80 to the US dollar from 57.70 on Thursday.

It opened the day at 57.79 compared to Wednesday’s kick-off at 57.90 to the dollar.

The foreign exchange rate ranged from 57.60 to 57.86, bringing the day’s average to 57.72 to the greenback.

Volume of trade increased to USD1.47 billion from the previous day’s USD1.38 billion. (PNA)