MANILA -- Profit-taking cut short the Philippine Stock Exchange index' (PSEi) four-day rally but the peso managed to hold its ground against the US dollar on Wednesday's trading session.
The main stocks index shed 0.42 percent, or 31.20 points, to 7,382.43 points.
Regina Capital Managing Director Luis Limlingan said there was no fundamental local catalyst to drive the market during the day while overseas US stocks bounced at the end of the trading session amid a weak start.
“Window dressing session tomorrow may have funds keeping to cash in case there are opportunities to deploy tomorrow,” he said.
The loss in the main index was mirrored by the All Shares, which fell 0.35 percent, or 15.38 points, to 4,443.38 points.
It was another mix ending for the sectors although most finished on the red.
Property registered the highest drop with 0.99 percent and was trailed by the Financials, 0.62 percent; Services, 0.32 percent; and Mining and Oil, 0.04 percent.
At the other end are the Holding Firms and Industrial, which ended almost flat at 0.02 percent and 0.004 percent, respectively.
Volume reached 1.15 billion shares amounting to PHP7.22 billion.
Losers led gainers at 95 to 81 while 54 shares were unchanged.
On the other hand, the peso finished the day at 52.585 from 52.605 a day ago.
BPI, in its market report issued after the trading session, said the local unit got a boost after a member of the Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) declared that inflation has eased.
MB Member V. Bruce J. Tolentino, during a brown bag session at the central bank Wednesday, said price pressures “has subsided for now” since the supply of rice, meat, fish as well as vegetables in the local market have increased.
“We’re being helped by the oil, so in total, the big things -- food prices and rice prices -- the pressure is off right now,” he said.
For the day, the peso opened at 52.67, weaker than its 52.52 start in the previous day.
It traded between 52.72 and 52.51, resulting to an average of 52.608.
Volume remained at the billion-level but lower at USD1.052 billion from Tuesday’s USD1.066 billion.
The currency pair is seen to trade between 52.50 and 52.80 Thursday. (PNA)
