Home General PSEi Ends Four-Day Rally as Profit-Taking Hits, Peso Weakens

PSEi Ends Four-Day Rally as Profit-Taking Hits, Peso Weakens

MANILA— the Philippine stock market and local currency both ended the trading day weaker, with the Philippine Stock Exchange index (PSEi) falling below the 6,900 level and the peso closing at a 56-level against the US dollar. The PSEi declined by 21.72 points to close at 6,891.49, halting its four-day rally. Additionally, the All Shares index dropped by 7.63 points to end at 3,600.49.

According to Philippines News Agency, Mikhail Plopenio, a research and engagement officer at Philstocks Financial, Inc., stated that the local stock market's downturn was in line with the regional trend, with most markets closing in the red due to profit-taking. The market sentiment was also affected by statements from Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr., who indicated that the central bank is ready to adjust its monetary policy settings in response to inflation risks, dampening hopes for rate cuts.

Sectoral indices showed mixed results, with the Industrial, Mining and Oil, and Holding Firms sectors recording gains, while the Property, Financials, and Services sectors experienced declines. Despite the overall market downturn, gainers outnumbered losers, with 89 stocks advancing, 78 declining, and 65 remaining unchanged.

The Philippine peso also weakened, losing PHP0.20 to close at 56.1 against the US dollar, down from its 55.90 finish the previous Friday. The peso had opened the day at 55.94, weaker than the previous week's opening of 55.80 to a dollar. Throughout the day, the currency fluctuated between 55.93 and 56.1, averaging 55.99 against the dollar. The volume of trade in the currency market declined to USD982.3 million from the previous session's USD1.25 billion.