MANILA – The local stock barometer declined on Tuesday due to profit taking, while the peso also closed weaker against the dollar.
The Philippine Stock Exchange index (PSEi) shed 40.49 points to 6,882.92, while All Shares went down by 20.63 points to 3,730.78.
“The local market declined this Tuesday by 0.58% to 6,882.92 as investors took profits after a two-day climb,” Philstocks Financial Research Manager Japhet Tantiangco said.
“The local currency’s depreciation against the US dollar also weighed on the market. Trading has been tepid as investors continue to wait for catalysts, primarily the Philippines’ August inflation data to be released this week,” he added.
Among sectors, only the Holding Firms closed the day with gains, up by 0.11 percent, while Services lost the most, declining by 1.23 percent.
Decliners edged advancers 109 to 83.
Meanwhile, the peso depreciated, closing at 56.61 to a dollar from the 56.38 finish on Monday.
It opened at 56.5 and traded between 56.45 and 56.735.
The weighted average was 56.636.
Volume of trade went up to USD1.8 billion from USD802.6 million during the shortened trading day on Monday. (PNA)