PHP, PSEi down on profit-taking

MANILA- Profit-taking hurt both the Philippine peso and the local share prices on Tuesday.

The local currency closed at 49.56, down from Monday's 49.40.

A trader partly attributed this to investors taking gains from the recent rally of the main stocks index.

The peso opened the day sideways at 49.40 from the previous session's 49.43.

Strongest level for the day was at 49.39 while weakest was at 49.56, resulting in an average of 49.46.

Volume of trade reached USD505.4 million, lower than the USD609.9 million Monday.

The Philippine Stock Exchange index (PSEi) declined to 7,953.12 points, or by 0.60 percent after surging to 8,001.38 points Monday.

A trader said local equities posted a correction after a strong rise Monday.

All Shares contracted by 0.42 percent, or 19.96 points, to 4,740.31 points.

Most of the sectoral indices tracked the main index, led by the Financials, which declined by 0.84 points.

Holding Firms followed with a 0.74 percent weakening as well as the Industrial, 0.39 percent; Property, 0.38 percent; and Mining and Oil, 0.23 percent.

Only the Services index finished on the positive note after it rose 0.04 percent.

Volume for the day involved 3.1 billion shares amounting to Php 8.2 billion.

Losers led gainers at 116 to 82 while 47 shares were unchanged.

Source: Philippines News Agency