Profit-taking spree downs Peso, local shares

The local currency ended the day at 53.46 from 53.475 finish Friday last week. (Shutterstock photo)

MANILA — Lack of direction from bigger markets due in part to the Labor Day holiday in the US, resulted in the almost flat close for the Peso while profit-taking resulted in the retreat of the Philippine Stock Exchange index (PSEi).

The local currency ended the day at 53.46 from 53.475 finish Friday last week.

A trader said market players are on a wait-and-see stance ahead of the release of the Philippines’ August 2018 inflation report as well as manufacturing report within the week.

The peso opened the day at 53.53, little changed from the 53.48 at the end of last week.

It strengthened to 53.46 and moved to 53.535, resulting to an average of 53.504.

Volume for the day totalled to USD485.

8 million, higher than the USD383.85 million in the previous session.

The currency pair is seen to trade between 53.30 and 53.50 Tuesday.

PSEi, on the other hand, fell 0.30 percent, or 23.49 points, to 7,832.22 points.

All Shares followed with a 0.003 percent, or 0.16 points, decline to 4,772.17 points.

It was a balanced mix among the sectors, with Property, Financials and Industrial ending on the red after losing 0.

89 percent, 0.45 percent, and 0.44 percent, respectively.

On the other hand, Mining and Oil rose 0.65 percent and was followed by the Holding Firms, 0.02 percent; and Services, 0.006 percent.

Volume was thin at 736.95 million shares amounting to Php5.6 billion.,

Losers led gainers at 101 to 85 while 54 shares were unchanged.

Landbank market economist Guian Angelo S. Dumalagan said lack of major data releases overseas prompted investors to stay at the sidelines.

He said investors took profit after last Friday’s window dressing, as they await for economic reports this week.

Another trader pointed PSEI’s slide to global risk-off sentiment.

Its performance was in-line with the outcome in the region during the day, the trader said.