MANILA – Local shares slipped in Thursday’s trading on profit-taking, while the peso stayed at the 56 level against the dollar for the third straight day.
The Philippine Stock Exchange index (PSEi) closed slightly lower by 0.18 percent at 6,692.91 points, with All Shares sliding by 0.03 percent to 3,628.15.
Only the Services and Property counters ended the day with gains.
On the other hand, Mining and Oil led the losers, followed by Financials, Holding Firms, and Industrial.
“Last-minute profit-taking brought the local market down by 0.18 percent to 6,692.91. Investors booking gains is seen as a cautious move while waiting for the BSP’s (Bangko Sentral ng Pilipinas’) policy decision,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said.
On Thursday, the BSP announced that its Monetary Board had decided to cut its policy rate by 25 basis points – the first time the MB eased the key rate in nearly four years.
Despite the overall decline, gainers led losers at 103 to 98, leaving 47 unchanged.
Meanwhile, the Philippine peso continued to gain strength, closing at 56.90 to the US dollar from its 56.96 finish on Wednesday.
It opened the day at 56.97 before trading between 56.90 and 57.14 to the dollar.
The day’s average stood at 57.04 to the greenback.
Trade volume reached USD1.33 billion, slightly lower from the previous day’s USD1.34 billion. (PNA)