MANILA: Philippine shares continued to decline on Tuesday due to profit taking, while the peso depreciated.
The Philippine Stock Exchange index (PSEi) went down by 39.81 points to close at 6,358.96.
All Shares also shed 16.80 points, closing at 3,462.67.
“The local bourse extended its decline, losing 39.81 points (0.62 percent) to 6,358.96 amid continuous profit-taking, while many investors were cautious, waiting for the June inflation rate,” Philstock Financials, Inc. research associate Claire Alviar said.
“The slight decline in S and P Global Philippines Manufacturing PMI, which signified a growth slowdown, weighed on sentiment.”
Philippine manufacturing PMI in June stood at 51.3, slightly down from 51.9 in May.
Sector indices were mixed on Tuesday with the Miners leading the gainers, up by 1.53 percent.
Banks, however, were in the red, losing 1.42 percent.
Decliners led advancers at 110 to 65, leaving 48 unchanged.
Meanwhile, the Philippine peso depreciated, closing at 58.795 to the US dollar from
Monday’s 58.65 finish.
It opened at 58.75 and traded between 58.735 and 58.84.
The day’s weighted average was 58.805.
Volume of trade went down to USD915.14 million from USD920.83 million.
Source: Philippines News Agency