MANILA – The local stock barometer declined on Wednesday due to profit-taking, while the peso closed stronger against the dollar.
The Philippine Stock Exchange index (PSEi) went down by 0.94 percent to 7,362.62, while All Shares also fell by 0.60 percent to 3,939.64.
“Profit-taking occurred in the local equities market after several days in the oversold region, as traders adopted a cautiously optimistic stance amid expectations that China’s recent policy measures may have stemmed its stock market slump, with hopes for additional fiscal support on the horizon. This caused the index to decline by -0.94% at 7,362.47,” said Regina Capital Development Corp. managing director Luis Limlingan.
Except for Mining and Oil which rose by 2.83 percent, all Sectors closed in the red.
Decliners led advancers at 99 to 97 leaving 57 counters unchanged.
The peso, meanwhile, closed stronger against the dollar at 55.58, up from the previous finish at 56.245.
It opened at 55.95 and traded between 55.83 to 56, bringing the day’s weighted average to 55.906.
The volume of trade went down to USD1.53 billion from USD1.80 billion on Tuesday. (PNA)