MANILA – The Philippine Stock Exchange index (PSEi) closed flat on Tuesday’s trading on profit taking, while the peso ended stronger than the US dollar.
The PSEi rallied intra-day breaching the 7,000-mark before gains were wiped due to profit-taking, with the local bourse finishing at 6,984.63 points.
“The market rallied intra-day, even breaching 7,000 as investors remain hopeful that the BSP will continue with its monetary policy easing moving forward in light of the country’s improved inflation situation and the likelihood of monetary policy easing by the Federal Reserve,” Philstocks Financial research manager Japhet Tantiangco said.
“However, most gains were wiped out in the final minutes due to profit taking. Investors also took a cautious stance due to the lingering uncertainties in the US economy.”
All Shares increased, on the other hand, by 0.22 percent to 3,786.30.
Counters were mixed on Tuesday, with those in the green territory including Property, up by 1.88 percent; Services, up by 0.99 percent; and Industrial, up by 0.19 percent.
Those that closed in the red were Financials, down by 1.70 percent; Mining and Oil, down by 0.61 percent; and Holding Firms, down by 0.30 percent.
Winners led losers at 111 to 82, with 65 counters left unchanged.
Meanwhile, the peso closed strong against a US dollar on Tuesday at 56.34 from the previous finish of 56.52, gaining by 0.18.
The local currency opened the day weak at 56.45 from last day’s kick-off at 56.52.
The currency pair traded between 56.35 and 56.59, bringing the average level for the day at 56.45 to the greenback.
Trade volume increased to USD1.57 billion from USD1.22 billion. (PNA)