MANILA – The local bourse’s main index declined on profit-taking while the peso closed sideways during Tuesday's trading.
The Philippine Stock Exchange index (PSEi) finished in the red, shedding 43.45 points to 6,637.00, with All Shares down by 17.54 points to 3,506.23 level.
Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said investors were in profit-taking mode after a three-day rally.
"Investors seem to be waiting for a positive catalyst to emerge first before pushing through with a sustainable rally. The tension in the Red Sea is also being monitored by many as this poses an upside risk to oil prices. This comes amid reports that oil tankers are avoiding the said area amid the turmoil between the US forces and the Houthis," he said.
All counters recorded losses, with the biggest decline coming from the Mining and Oil sector at 140.1 points.
Plopenio said net market value turnover stood at PHP4.91 billion, better than the PHP4.39 billion average for the first few days of the month. Foreigners were net buyers, with net inflows amounting to PHP461.18 million.
Losers led gainers at 114 to 67, while 58 firms were left unchanged.
Meanwhile, the Philippine peso ended the day sideways at 55.83 from Monday's closing of 55.77 to a US dollar.
It opened the day at 55.85, the same as the previous day’s level, and traded between 55.80 and almost touching the 56-level at 55.99 to the greenback.
The average level for the day stood at 55.89 to a dollar.
Trade volume increased to USD1.62 billion from USD1.31 billion a day ago. (PNA)
