PH stocks index slips on profit-taking, peso keeps footing

PH stocks index slips on profit-taking, peso keeps footing

MANILA – The Philippine Stock Exchange index (PSEi) ended Thursday on the red after investors took profit but the peso remained resilient against the US dollar.

The main equities index shed 0.73 percent, or 49.82 points, to 6,791.87 points.

All shares tracked the main index after it lost 0.34 percent, or 13.96 points, to 4,104.02 points.

Most of the sectoral gauges also slipped during the day namely the Property, 1.25 percent; Holding Firms, 0.84 percent; Financials, 0.14 percent; and Services, 0.07 percent.

On the other hand, Mining and Oil gained by 2.39 percent and Industrial by 0.07 percent.

Volume totaled 3.71 billion shares amounting to PHP18.78 billion.

Gainers led losers at 114 to 86 while 51 shares were unchanged.

“Philippine shares finally succumbed to profit-taking after successive days in the green as investors refocused on the US with the release of the Beige Book,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The Beige Book is the US Federal Reserve’s compilation of interviews with key business contacts and economists, among others, gathered by the 12 Federal Reserve districts regarding economic conditions. It is published eight times per year.

Limlingan said the Beige Book “showed that the economy grew moderately in April and May, as consumer and manufacturing activity picked up despite supply bottlenecks.”

“The economy seems to be on track for an upward trajectory, but not as bullishly as what the market is expecting,” he said, citing the report.

Meanwhile, the local currency finished the trade at 47.825 from its 47.82 close a day ago.

It opened the day at 47.78, weaker than its 47.76 start in the previous session.

It traded between 47.845 and 47.76, resulting in an average of 47.806.

Volume totaled USD820.06 million, lower than the previous day’s USD1.04 billion. Joann Villanueva / PNA – northboundasia.com