PSEi down on profit taking, peso stays flat

MANILA – The local stock barometer declined on Wednesday due to last-minute profit-taking, while the peso barely moved.

The Philippine Stock Exchange index (PSEi) shed 19.46 points to 7,155.90 while All Shares also slightly declined by 2.21 points to 3,847.96.

“Last minute profit taking sent the local market lower this Wednesday by 0.27% to 7,155.90. Investors booked gains following the bourse’s two-day rally,” said Philstocks Financial research manager Japhet Tantiangco.

“Investors also took a cautious stance while waiting for the Federal Reserve’s policy decision,” he added.

Sectors were mixed with the miners gaining the most, up by 1.83 percent.

Banks lost the most, declining by 0.66 percent.

Gainers edged losers 125 to 68.

The peso, meanwhile, remained flat, closing at 55.72 to the dollar from the 55.695 finish on Tuesday.

It opened at 55.8 and traded between 55.715 and 55.865.

The weighted average for the day was 55.783.

The volume of trade slightly declined to USD1.22 billion from USD1.26 billion. (PNA)

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