MANILA – The local stock market closed mid-week lower, snapping its three-day rally on profit-taking, while the Philippine peso ended almost unchanged.
The Philippine Stock Exchange index (PSEi) fell 0.64 percent to 6,900.62, with All Shares also declining by 0.13 percent to 3,724.38 level.
Among sectoral indices, only the Industrial counter finished with gains, up by 0.14 percent to 9,207.97.
Losers were led by Property, down by 1.53 percent; followed by Financials, down by 1.04 percent; Mining and Oil, down by 0.91 percent; Services, down by 0.23 percent; and Holding Firms, down by 0.20 percent.
“Investors booked gains after three consecutive days of rallying. The local bourse also took cues from Wall Street’s decline wherein investors took a cautious stance while waiting for the Jackson Hole Economic Symposium where the Fed may give clues on their policy outlook,” Philstocks Financial, Inc. senior research analyst Japhet Tantiangco said.
Decliners outnumbered gainers at 130 to 78, leaving 49 unchanged.
Meanwhile, the peso closed the day flat, slightly gaining by 0.05 to 56.50 to the US dollar from its 56.55 finish the previous day.
It started the day stronger at 56.40 from a kick-off of 56.60 on Tuesday.
The currency pair traded between 56.35 and 56.54, bringing the day’s average to 56.45 to the greenback.
Trade volume inched up to USD1.59 billion from USD1.55 billion the previous day. (PNA)