WEAKER. Profit-taking continued to hurt the local bourse, resulting in the negative close of all the counters on Monday (Feb. 19, 2024), while the peso followed. The Philippine Stock Exchange index (PSEi) slipped to 6,798.61 points and the peso weakened to 56.07 against the greenback. (PNA graphics)
MANILA – Investors extended their profit-taking for the second trading day dropping shares to 6,700-level, while the peso closed weaker on Monday.
The Philippine Stock Exchange index (PSEi) shed 74.62 points to 6,798.61, and All Shares declined by 35.06 points to 3,562.61.
“The negative cues from the US markets last Friday amid the rise in the US’ January producers price index weighed further on sentiments,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
All sectors ended in the red, with the biggest loss coming from the Industrial counter, dropping by 141.73 points.
This was followed by Holding Firms, down by 64.74 points; Property, 50.14 points; Services, 21.72 points; Mining and Oil, 14.58 points; and Financials, 0.57 points.
Net market value turnover for the day stood at PHP3.9 billion, which was lower than this month’s average of PHP4.69 billion.
Decliners outnumbered advancers at 134 to 59, while 49 counters were left unchanged.
Also, the peso closed weaker at 56.07 to a US dollar from its 55.96 finish last week.
It opened the day stronger at 55.87 from Friday’s kick-off at 55.93.
The currency pair traded between 55.86 and 56.13, bringing the average level for the day at 56.01 to the greenback.
Trade volume reached USD1.51 billion, higher than last Friday’s USD925.2 million. (PNA)
