(PNA file photo)
MANILA – The Philippines’ main stocks index reversed its gains on Tuesday and finished the day in the red but maintained its sideways close against the greenback.
After several days of rally, the Philippine Stock Exchange index (PSEi) shed 0.70 percent, or 47.64 points, to 6,774.68 points.
All Shares followed with a drop of 0.72 percent, or 26.16 points, to 3,606.91 points.
It was a mix among the sectoral counters but most tracked the main index.
Those that declined during the day are Services, 1.87 percent; Property, 1.42 percent; Industrial, 1.07 percent; and Holding Firms, 0.25 percent.
On the other hand, Financials rose by 1.24 percent and Mining and Oil by 0.19 percent.
Volume rose to 2.17 billion shares amounting to PHP35.71 billion.
Decliners led advancers at 113 to 76 while 48 shares were unchanged.
“Philippine shares closed in the red on heavy trading activity as investors tracked the latest MSCI (Morgan Stanley Capital International) rebalancing,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He said there were also few drivers of trading given the Memorial Day holiday in the US on May 30.
On the other hand, the local currency sustained its sideways close against the US dollar after finishing the day at PHP52.37 from Monday’s PHP52.31.
It opened the day at PHP52.4 and traded between PHP52.435 and PHP52.37. Average level for the day stood at PHP52.41.
Volume declined to USD925.6 million from the previous day’s USD1.2 billion. (PNA)
