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Stocks decline on profit taking; peso unchanged

Profit-taking led to another negative close of the Philippine Stock Exchange index (PSEi) after the main gauge hit the 7,000-level mid-trade Tuesday, but the peso managed to remain firm against the US dollar. 

The main equities index slipped by 0.69 percent, or 47.78 points, to 6,920.36 points. 

All Shares followed with a drop of 0.23 percent, or 9.86 points, to 4,295.00 points. 

Only the Services index gained among the sectoral gauges during the day after it rose by 0.27 percent. 

The Mining and Oil index led those that finished in the negative territory fell by 1.39 percent. 

It was trailed by Holding Firms, 1.35 percent; Financials, 0.54 percent; Property, 0.29 percent; and Industrial, 0.21 percent. 

Volume totaled 4.71 billion shares amounting to PHP31.17 billion. 

Losers led gainers at 121 to 70, while 54 shares were unchanged. 

“Investors in the Philippines turned into profit takers after hitting the 7,000 psychological mark intraday to lock in gains over several weeks of successive run-ups,” Regina Capital Development Corporation head of sales Luis Limlingan said. 

Meanwhile, the local currency finished the trade sideways against the greenback at 49.91 from 49.975 on Monday. 

It opened the day at 49.9 and traded between 49.855 and 50. 

Average level for the day stood at 49.909.  Volume reached USD678.45 million, lower than the previous session’s USD843.45 million.*PNA

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