Manila: Profit-taking, encouraged by cheaper value stocks, ended the Philippine Stock Exchange index's (PSEi) two-day rise on Friday, as the peso also weakened against the US dollar. The main stocks gauge shed 2.49 percent to 5,584.35 points, and the broader All Shares by 4.13 percent to 3,260.26 points.
According to Philippines News Agency, all the sectoral indices also finished in the red, led by Mining and Oil, which declined by 5.28 percent. Trailing behind were Services, 3.11 percent; Financials, 2.89 percent; Property, 1.87 percent; Holding Firms, 1.86 percent; and Industrial, 1.40 percent. Volume of trade reached 1.68 billion, amounting to PHP6.26 billion. Decliners led advancers at 133 to 64 while 51 shares were unchanged.
'The Philippine market ended sharply lower as strong selling pressure and profit-taking weighed on the index after its recent gains. Overall sentiment also softened as fresh earnings results and macroeconomic data continued to influence investor behavior,' said Luis Limlingan, Regina Capital Development Corp. head of sales.
The local currency, after improving against the greenback Thursday, depreciated and finished the week at 59.06, from its 59 close the previous day. This was despite opening the day's trade stronger at 58.95 against the previous session's 59.13. The peso further gained momentum and strengthened to as much as 58.77, but was also pulled to 59.08. The day's average stood at 58.93. Volume rose to USD1.84 billion from Thursday's USD1.42 billion.
