2kbet Profit-taking cuts local index; peso ends weak
Updated:2024-10-22 11:55 Views:522kbet
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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.
Article continues after this advertisement“Contributing to the market’s decline is the lingering weakness of the local currency,” Philstock Financials, Inc. research manager Japhet Tantiangco said.
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion“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.
Article continues after this advertisementThe 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.
Article continues after this advertisementGainers outnumbered losers at 102 to 92, while 64 counters maintained their shares.
Article continues after this advertisementMeanwhile, 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.
Article continues after this advertisementThe 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)
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