MANILA — The Philippine Stock Exchange index (PSEi) ended its three-day rally on Wednesday, closing 0.64 percent lower at 6,900.62, as investors engaged in profit-taking. The Philippine peso remained relatively stable, finishing the day at 56.50 to the US dollar, slightly up from its previous close of 56.55.
According to Philippines News Agency, Inc. senior research analyst Japhet Tantiangco, the decline in the local bourse was influenced by a cautious market sentiment ahead of the Jackson Hole Economic Symposium in the United States, where investors are anticipating possible insights into the Federal Reserve’s policy outlook. Sectoral indices were mixed, with the Industrial counter being the only one to post gains, up by 0.14 percent. Property led the decliners, dropping by 1.53 percent.
Meanwhile, the peso traded within a range of 56.35 to 56.54 against the dollar, with a daily average of 56.45. The day’s trading volume slightly increased to USD1.59 billion from USD1.55 billion on Tuesday.