Manila—The Philippine stock market closed lower on Wednesday as investors engaged in profit-taking, while the peso made gains against the dollar, reflecting a cautiously optimistic outlook among traders.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) fell by 0.94 percent to close at 7,362.62, while the broader All Shares index also dropped by 0.60 percent to 3,939.64. Regina Capital Development Corp. managing director Luis Limlingan attributed the market’s pullback to profit-taking activities following a period of overselling. “Profit-taking occurred in the local equities market after several days in the oversold region, as traders adopted a cautiously optimistic stance amid expectations that China’s recent policy measures may have stemmed its stock market slump, with hopes for additional fiscal support on the horizon,” Limlingan explained.
While most sectors ended the day in the red, the Mining and Oil sector stood out with a significant rise of 2.83 percent. The market saw 99 decliners against 97 advancers, with 57 counters remaining unchanged.
On the foreign exchange front, the peso strengthened, closing at 55.58 against the dollar, a notable improvement from the previous day’s close of 56.245. The peso opened at 55.95 and fluctuated between 55.83 and 56 throughout the day, averaging at 55.906.
Trade volume also decreased, totaling USD 1.53 billion compared to USD 1.80 billion the previous day.