MANILA – The local stock market ended the day in the red as investors took profits while the peso depreciated on Thursday.
The Philippine Stock Exchange index shed 6.46 points, closing at 6,673.50.
All Shares, likewise, declined by 3.25 points to 3,508.19.
"This Thursday, the local market inched down by 6.46 points (0.10 percent) to 6,673.50 as investors took profits after a 3-day rally," said Philstocks financial research and engagement officer Mikhail Plopenio.
"The bourse seems to have a hard time as it nears the 6,700 resistance level which may indicate that investors are not yet prepared to get past the said level as reflected by this session’s low net market value turnover which stood at PHP3.79 billion, lower than the month-to-date average of PHP4.41 billion. Also, many are still waiting for a catalyst to emerge," Plopenio added.
Sectors were mixed with the Industrials and Banks as the only gainers.
Mining and Oil, meanwhile, recorded the biggest drop, declining by 89.88 points.
Decliners led advancers at 105 to 67, while 51 shares were unchanged.
Meanwhile, the peso closed weaker at 56.53 against the US dollar, down from 56.3 on Wednesday.
It opened the day at 56.22 from the previous day's 56.3.
The currency pair traded between 56.16 and 56.57, bringing the average level for the day at 56.318 to a dollar.
The volume of trade stood at USD1.46 billion, up from the previous day's USD1.38 billion. (PNA)
