Manila: Profit-taking weighed on the local bourse on Tuesday following the main index's recent rally, while the Philippine peso weakened against the U.S. dollar. The Philippine Stock Exchange index (PSEi) shed 1.57 percent to close at 6,037.17 points, while the broader All Shares index declined by 1 percent to 3,319.29 points.
According to Philippines News Agency, all sectoral gauges ended the day in negative territory, led by Financials, which dropped 2.67 percent. This was followed by Holding Firms, 2.16 percent; Mining and Oil, 2.10 percent; Property, 1.12 percent; Industrial, 0.58 percent; and Services, 0.41 percent.
Trading volume was thin at 531.33 million shares valued at PHP6.7 billion. Decliners outnumbered advancers at 112 to 78, while 40 shares were unchanged. "The local bourse ended lower after profit-taking, following gains over three straight sessions, as investors closed positions to end the first half of the year. Market sentiment turned cautious amid mixed signals on ongoing US-Iran peace talks. Overall risk appetite remained subdued," Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Investors' wait-and-see stance also weighed on the local currency, which depreciated against the US dollar and closed the day at 61.36 from the previous session's 61.17. The peso opened the day stronger at 61.20 from Monday's 61.30. It traded between 61.37 and 61.17, bringing the day's average to 61.29. Trading volume reached USD1.63 billion, up from Monday's USD1.43 billion.
