PH stocks fall on profit-taking; peso gains vs. US Dollar

MANILA — Profit-taking continued to weigh on local equities on Tuesday, pushing the Philippine Stock Exchange index (PSEi) lower, while the Philippine peso strengthened against the US dollar.

The benchmark PSEi dropped 0.17 percent to 6,304.03 points, while the broader All Shares index declined by 0.24 percent to 3,427.04 points.

Despite the overall market decline, most sectoral indices ended higher. Mining and Oil rose by 0.50 percent, Financials gained 0.35 percent, Services increased by 0.18 percent, and Holding Firms edged up by 0.01 percent.

Meanwhile, Industrial and Property sectors fell by 1.24 percent and 0.73 percent, respectively.

Market turnover reached 790.2 million shares valued at PHP6.67 billion.

Decliners outnumbered gainers, with 89 stocks losing ground against 78 advancers, while 68 shares remained unchanged.

“Last-minute profit-taking sent the local bourse lower, with investors still worried over the uncertainties between the US and Iran,” Philstocks Research said in a commentary.

Meanwhile, the peso closed at 61.61 against the US dollar, improving from Monday’s finish of 61.67.

The local currency opened at 61.70, stronger than the previous session’s opening of 61.76, and traded between 61.76 and 61.60 during the day. Its average trading level stood at 61.67.

Trading volume increased to USD1.16 billion from the previous session’s USD990.68 million.

(PNA) -Philippine News Agency