The local stock market continued to decline as investors were on a profit-taking activity for two straight days, while the peso rebounded on Thursday’s trading.
The Philippine Stock Exchange index (PSEi) fell to 6,400-level, shedding 1.30 percent to 6,466.86, with All Shares down by 0.80 percent to 3,768.44.
Except for Holding Firms, which increased by 0.54 percent to 5,478.70, the rest of the counters closed in the red territory.
Biggest losses came from Mining and Oil sector, plunging by 3.34 percent to 8,903.61; followed by Financials, down by 2.97 percent to 2,421.43; Property, down by 2.46 percent to 2,272.20; Services, down by 0.40 percent; and Industrial, down by 0.29 percent.
“The PSEi corrected lower for the second straight trading day, considered a healthy profit-taking after gaining for most days over the month,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
Losers outnumbered winners at 108 to 77, with 61 counters left unchanged.
Meanwhile, the Philippine peso gained during Thursday’s trade, closing at 55.75 to the US dollar from a 55.86 finish on Wednesday.
Peso started at 55.80 before trading between 55.71 and 55.84, with an average rate of 55.78 to the greenback.
Trade volume decreased to USD1.87 billion from USD1.92 billion.*PNA
