Manila – In the final trading session before the long weekend, the Philippine Stock Exchange index (PSEi) closed lower due to profit-taking activities, while the Philippine peso ended the day almost unchanged.
According to Philippines News Agency, head of sales Luis Limlingan, the sell-off in Philippine shares was driven by investors reacting to recent economic data, including reports on declining inflation and the job market. The PSEi declined by 71.08 points, settling at 6,234.77, with all counters finishing in the red. The All Shares index also saw a decrease of 22.08 points, ending at 3,329.58.
The sectors experiencing the most significant declines were Holding Firms, down by 65.63 points; Mining and Oil, decreasing by 48.05 points; Industrial, dropping by 41.13 points; Financials, falling by 26.47 points; Services, losing 21.33 points; and Property, declining by 13.84 points. In a closely contested market, advancers slightly outnumbered decliners at 83 to 82, with 49 counters remaining unchanged.
The Philippine peso concluded the day almost at par with its previous close, ending at 55.30 against the US dollar, compared to 55.31 on the previous day. The peso opened at 55.37, fluctuating between a low of 55.26 and a high of 55.42 throughout the day, averaging 55.32 against the US dollar. The total trade volume for the day was recorded at USD1.21 billion.