PROFIT-TAKING ruled the local bourse Thursday, October 9, putting a stop to the main index’s two-day rise and affecting the local currency, which depreciated against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 0.68 percent to 6,057.40 points, and the All Shares by 0.48 percent to 3,667.01 points.
Half of the sectoral gauges tracked the main index – Financials, down 1.66 percent; Services, 1.05 percent; and Holding Firms, 0.59 percent.
On the other hand, Mining and Oil rose 2.80 percent; Property, 0.12 percent; and Industrial, 0.11 percent.
Volume reached 5.35 billion shares, amounting to P6.51 billion.
Decliners led advancers at 135 to 72 while 55 shares were unchanged.
“The PSEi ended its two-day winning streak as profit-taking weighed on the market early in the session,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
Limlingan also said the 25 basis points reduction in the Bangko Sentral ng Pilipinas’ (BSP) key rates, to 4.75 percent for the target reverse repurchase rate (RRP), on Thursday was unexpected.
“(This) could serve as a key catalyst to boost market sentiment moving forward,” he said.
These developments were also felt in the foreign exchange trading, with the peso depreciating to 58.23 against the US dollar after improving to 57.95 on Wednesday.
It opened stronger at 57.87, and traded between 58.32 and 57.79, averaging 57.95 for the day.
Volume declined to USD1.92 billion from the previous day’s USD2.03 billion. (PNA)
