Stocks down for 2 days on profit-taking, peso weak

By Kris Crismundo

November 30, 2023, 7:06 pm

MANILA – For two consecutive trading days, the local bourse declined on profit-taking while the local currency closed weak at the end of month.

The Philippine Stock Exchange index (PSEi) finished November’s trading down by 40.26 points to 6,224.88 level, with All Shares also closed lower by 15.24 points to 3,324.44.

All sectoral indices closed in the negative territory, with biggest losses coming from the Mining and Oil counter, shedding by 96.60 points to 9,644.56 level.

Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said all counters traded in the red the whole day.

Plopenio said that aside from profit-taking, investors’ concern on China’s economy, which is a major trading partner for the Philippines, also weighed on sentiment.

“This came following its November official manufacturing PMI which stood at 49.4, indicating a contraction, and its non-manufacturing PMI registered 50.2, declining from the prior month’s 50.6,” he said.

He added market participation in the local stock market improved with a net value turnover of PHP7.81 billion, higher than the year-to-date average of PHP4.91 billion.

Net foreign selling stood at PHP320.30 million, which added to the woes of this day’s index performance.

Meanwhile, the peso closed weaker by 0.10 to 55.49 versus a US dollar on Thursday from 55.39 in the previous day.

It already opened the day weak at 55.45 from last day’s kick off at 55.29 to a dollar.

It traded between 55.37 to 55.51, bringing the average level for the day at 55.45 to the greenback.

Volume of trade stood at USD1.27 billion, higher than Wednesday’s volume of USD1.1 billion. (PNA)