MANILA – The Philippine Stock Exchange index (PSEi) experienced a downturn on Tuesday due to profit-taking activities, while the Philippine peso showed signs of strengthening against the US dollar.
According to Philippines News Agency, head of sales at Regina Capital Development Corp., the local stock market saw declines as investors engaged in profit-taking after a period of gains, which were partly fueled by speculation that a recent assassination attempt might bolster Donald Trump's chances of returning to the White House. The PSEi closed down by 0.33 percent at 6,667.09, and the All Shares index also fell by 0.23 percent to 3,585.93. On the contrary, the Property sector stood out positively, with a 1.73 percent increase to 2,697.04.
Sector-wise, most indices ended in the red. Financials led the losses, dropping 1.33 percent to 2,000.53. Services, Mining and Oil, Holding Firms, and Industrials followed suit with declines of 0.85 percent, 0.57 percent, 0.34 percent, and 0.27 percent, respectively. Out of the total counters, 98 ended lower, 79 recorded gains, and 55 remained unchanged.
Meanwhile, the Philippine peso appreciated slightly, closing at 58.39 to the US dollar, up from 58.48 the previous day. The peso traded within a narrow range of 58.39 to 58.52, averaging at 58.47 against the dollar throughout the day.
The volume of trade also saw an increase, with transactions reaching USD 1.42 billion, up from USD 1.1 billion the day before, indicating a higher level of activity in the market despite the overall downturn in index values.