Manila – The Philippine Stock Exchange (PSE) experienced a downturn for two consecutive trading days at the end of November, influenced by profit-taking activities, while the local currency closed weaker. The PSE index (PSEi) ended the month down by 40.26 points at a level of 6,224.88, with the All-Shares index also closing lower by 15.24 points at 3,324.44. All sectoral indices finished in negative territory, with the largest losses coming from the Mining and Oil sector, which dropped by 96.60 points to 9,644.56.
According to Philippines News Agency, Mikhail Plopenio, research and engagement officer at Philstocks Financial Inc., noted that all counters traded in the red throughout the day. He attributed the decline not only to profit-taking but also to concerns over China's economy, a major trading partner for the Philippines. This concern was heightened by China's November official manufacturing Purchasing Managers' Index (PMI), which indicated a contraction. The market participation in the local stock market increased with a net value turnover of PHP7.81 billion, surpassing the year-to-date average of PHP4.91 billion. However, net foreign selling amounted to PHP320.30 million, contributing to the day's index performance.
Meanwhile, the Philippine peso closed weaker against the US dollar, dropping by 0.10 to 55.49 from 55.39 the previous day. The peso started the day weaker at 55.45, fluctuating between 55.37 to 55.51, averaging at 55.45 against the greenback. The trade volume stood at USD1.27 billion, higher than the previous day's USD1.1 billion.
