Business and Economy
PSEi down on profit-taking, PHP follows
The peso opened the day at 51.49. little changed from 51.48 in the previous session. (ShutterStock photo)
MANILA — Profit-taking resulted in the drop of the Philippine Stock Exchange index (PSEi) Monday and this also affected the local currency.
The main stocks gauge finished the day with a decline of 0.86 percent, or 72.63 points, to 8,348.32 points.
A trader expects the PSEi to post sideline movements this week ahead of the earnings report season.
The All shares followed with a 0.57 percent, or 28 points, drop to 4,885.79 points.
Half of the six sectoral indices also ended the day lower, namely the Holding Firms, Financials, and Mining and Oil, which fell 1.81 percent, 1.14 percent, and 0.50 percent, respectively.
On the other hand, both the Industrial and the Property rose by 0.26 percent and the Services by 0.04 percent.
Volume for the day reached 744.19 million shares amounting to PHP13.3 billion.
Losers continue to lead the gainers at 111 to 90 while 37 shares were unchanged.
The Philippine peso tracked the PSEi after ending the day at 51.51 from 51.45 at the end of last week.
A trader said that aside from the impact of the main stocks gauge performance, investors are also on their toes about who will succeed Federal Reserve chairman Janet Yellen, whose four-year term ends in February 3, 2018.
US President Donald Trump is expected to announce his decision to the next Fed chair in November.
The peso opened the day at 51.49, little changed from 51.48 in the previous session.
It traded between 51.55 and 51.46, resulting to an average of 51.50. Volume for the day reached USD439 million, lower than the USD530.1 million last Friday.
