Shares shed on profit-taking, peso ends sideways ahead of long weekend

By Kris Crismundo

December 7, 2023, 8:13 pm

MANILA – Ending the shortened trading week, local shares shed on profit-taking while the peso closed sideways on Thursday.

The Philippine Stock Exchange index (PSEi) finished all counters in the red, with the overall index down by 71.08 points to the 6,234.77 level, with All Shares also declining by 22.08 points to the 3,329.58 level.

“Philippine shares were sold ahead of the long weekend as investors assessed data indicating falling inflation and jobs report,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The biggest drop came from Holding Firms, down by 65.63 points; followed by Mining and Oil, 48.05 points; Industrial, 41.13 points; Financials, 26.47 points; Services, 21.33 points; and Property, 13.84 points.

Advancers slightly outnumbered decliners at 83 to 82, with 49 counters left unchanged.

Meanwhile, the Philippine peso finished sideways at 55.30 to the US dollar from its 55.31 close the previous day.

It opened the day at 55.37 from Wednesday’s kick off of 55.30 before trading between a low of 55.26 and a high of 55.42, bringing the day’s average level to 55.32 to the greenback.

The trade volume on Thursday stood at USD1.21 billion. (PNA)