PSEi down on profit-taking; peso holds steady

Most of the sectors followed, with Property registering the highest drop of 1.65 percent and was tracked by Services, 1.20 percent; Industrial, 0.83 percent; and Financials, 0.51 percent. (Shutterstock photo)

MANILA — Profit-taking cut short the Philippine Stock Exchange index’ (PSEi) five-day winning streak but the peso ended little changed during Tuesday’s trading.

The main stocks gauge shed 0.53 percent, or 38.54 points, to 7,197.62 points.

P2P Trade Online, in a market report, said net selling also hurt the PSEi during the day, with heavyweights SM Prime Holdings, Inc. and Ayala Land Inc. posting the highest net foreign selling amount at PHP126 million and PHP120 million, respectively.

All Shares also ended the day on the red after it fell 0.34 percent, or 14.89 points, to 4,383.84 points.

Most of the sectors followed, with Property registering the highest drop of 1.65 percent and was tracked by Services, 1.20 percent; Industrial, 0.83 percent; and Financials, 0.51 percent.

On the other side are Mining and Oil and Holding Firms, which rose 0.44 percent and 0.35 percent, respectively.

Volume is thin at 650.03 million shares amounting to PHP5.1 billion.

Losers surpassed gainers at 120 to 74 while 40 shares were unchanged.

P2P Trade Online expects PSEi’s initial support level for Wednesday at around 7,000-level.

The peso finished the day’s trade at 53.

815, little changed from the 53.79 a day ago, which a trader said pointed to investors’ decision to stay on the sidelines given the trade war issues, among others.

For the day, the local currency opened at 53.88, weaker than the 53.74 Monday.

It traded between 53.92 and 53.795, resulting in an average of 53.

871.

Volume reached USD711.9 million, lower than the USD863.4 million in the previous session.

The currency pair is seen to trade between 53.70 and 53.90 Wednesday.