Profit-taking hurts PH stocks index; PHP firm vs. USD

MANILA – The Philippine Stock Exchange index ended the week on the red after some investors took profit but the peso finished sideways against the US dollar as it continued to trade at the PHP50-level.

The main stocks index lost 0.64 percent to 7,261.34 points, or 46.41 points.

All Shares followed with a drop of 0.38 percent to 3,855.30 points or 14.81 points.

Most of the sectoral indexes also finished the week on the red – Financials at 0.95 percent; Services, 0.92 percent; Property, 0.52 percent; Holding Firms, 0.40 percent; and Industrial, 0.21 percent.

Only Mining and Oil finished the day firm after rising by 0.05 percent.

Volume reached 947.07 million shares amounting to PHP5.8 billion.

Decliners surpassed advancers at 97 to 77 while 53 shares were unchanged.

“Philippine shares ended the session with some profit taking, tracking the performance of the US markets as investors considered a fresh read on weekly unemployment claims and wholesale price inflation out of Washing,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Reports said initial jobless claims in the US rose by 23,000 to 230,000 in the week that ended on January 8, “likely reflecting Omicron-related layoffs,” he said.

On the other hand, the local currency remained firm against the US dollar after it finished the week’s trade at PHP51.11 compared to its PHP51.04 close on Thursday.

It opened the day at PHP51.14 and traded between PHP51.15 and PHP50.98.

Average level for the day stood at PHP51.07.

Volume totaled USD760.5 million, lower than the previous session’s USD917.25 million.