MANILA
The Philippine Stock Exchange index (PSEi) experienced a decline due to profit-taking activities on Tuesday, paralleled by a weakening of the peso against the dollar. The PSEi fell by 40.49 points, closing at 6,882.92, while the All Shares index also saw a decrease of 20.63 points to end at 3,730.78.
According to Philippines News Agency, “The local market declined this Tuesday by 0.58% to 6,882.92 as investors took profits after a two-day climb. The local currency’s depreciation against the US dollar also weighed on the market. Trading has been tepid as investors continue to wait for catalysts, primarily the Philippines’ August inflation data to be released this week.” The depreciation of the peso was notable as it closed at 56.61 to a dollar, a decline from Monday’s finish of 56.38. It started the day at 56.5, fluctuating between 56.45 and 56.735 throughout the trading session. The weighted average for the day was recorded at 56.636.
In the sectoral performance, Holding Firms were the only sector to report gains, up by 0.11 percent. Conversely, Services recorded the most substantial loss, dropping by 1.23 percent. Overall, decliners outnumbered advancers, with 109 stocks declining and 83 advancing. The volume of trade notably increased to USD 1.8 billion from USD 802.6 million during the shortened trading day on Monday.