MANILA—The Philippine Stock Exchange index (PSEi) retreated on Wednesday, sliding 19.46 points to close at 7,155.90 amid a round of last-minute profit-taking that capped a recent surge, while the peso remained steady, showing minimal movement against the dollar.
According to Philippines News Agency, Japhet Tantiangco, research manager at Philstocks Financial, explained the decline by highlighting the market’s reaction to the previous days’ gains. “Last minute profit taking sent the local market lower this Wednesday by 0.27% to 7,155.90. Investors booked gains following the bourse’s two-day rally,” Tantiangco said. He also noted a cautious approach from investors awaiting the Federal Reserve’s upcoming policy decision, which influenced trading behaviors.
The day saw mixed performances across various sectors, with the mining sector showing the strongest gains, rising by 1.83 percent. In contrast, banks experienced the sharpest declines, dropping by 0.66 percent. The broader All Shares index also fell slightly, down 2.21 points to 3,847.96. Market activity was marked by more gainers than losers, with 125 advancing stocks versus 68 decliners.
The peso saw little change, ending the day at 55.72 to the dollar, virtually unchanged from Tuesday’s close of 55.695. It fluctuated mildly throughout the day, with trading ranging from 55.715 to 55.865 and settling on a weighted average of 55.783. Foreign exchange trading volumes also saw a slight decrease, dropping from USD 1.26 billion to USD 1.22 billion.