PHP stays strong vs. USD, PSEi on the red after hitting 7,900-level

The local equities market declined on profit-taking Tuesday after the main index breached the 7,900-level a day ago. (PNA photo)

MANILA—The local equities market declined on profit-taking Tuesday after the main index breached the 7,900-level a day ago.

But the local currency managed to remain firm.

The peso ended the day’s trade at 49.92 from 49.86 Monday as investors loaded up on the US currency follow

It opened at 49.90 from 49.88 a day ago, which a trader said was as expected after the recent run-up of the peso.

It traded between 49.88 and 49.93, resulting to an average of 49.91.

The trader said withdrawals in the local equities market after the main index’ recent rally added to the negative sentiment for the peso.

Volume of trade reached USD352.5 million, lower than the previous session’s USD410.5 million.

The currency pair is seen to trade between 49.80 and 45.00 on Wednesday.

The Philippine Stock Exchange index (PSEi) reversed Monday’s rise to a loss after it shed 0.49 percent, or 38.83 points, to 7,923.50 points Tuesday.

The other indices were mostly on the red, with the All Share down by 0.47 percent, or 22 points, to 4,709.25 points.

Mining and Oil registered the highest decline among the sectoral indices with a 1.08 points drop.

It was followed by the Industrial, 0.92 points; Services, 0.75 percent; Property, 0.74 percent; and Financials, 0.53 percent.

Only the Holding Firms posted an increase of 0.01 percent.

Volume of trade reached 2.55 billion shares amounting to Php 9.7 billion.

Losers led gainers at 128 to 83 while 42 stocks were unchanged.