Manila: The Philippine Stock Exchange index (PSEi) closed Tuesday with minimal changes, as the peso weakened against the US dollar, just a day before Christmas Eve.
According to Philippines News Agency, the PSEi saw a slight increase of 0.1 percent, closing at 6,041.91 points. The broader All Shares index also experienced a modest rise of 0.04 percent, ending at 3,447.53 points. Sectoral indices mostly performed positively, with the Mining and Oil sector rising by 1.95 percent, Property gaining 0.83 percent, Holding Firms up by 0.66 percent, and Financials increasing by 0.21 percent. However, the Services sector decreased by 1.11 percent, while Industrials fell by 0.46 percent.
Trading volume reached 1.52 billion shares, with transactions amounting to PHP4.7 billion. The market saw more decliners than advancers, with 107 stocks falling, 88 rising, and 49 remaining unchanged. Philstocks Financials Inc. reported that much of the trading day saw the market in negative territory as investors secured gains to protect against uncertainties and potential negative developments during the holidays. Nevertheless, last-minute bargain-hunting led to a flat market close.
Meanwhile, the local currency depreciated against the US dollar, ending the day at 58.85, down from the previous day’s close of 58.73. The peso opened the day steady at 58.7 and traded within a range of 58.88 to 58.65, with an average rate of 58.75. Trading volume increased significantly to USD1.14 billion from the previous session’s USD869.5 million.
