Stocks slip on profit-taking, peso ends sideways

By Kris Crismundo

March 1, 2024, 6:50 pm

MANILA – The Philippine Stock Exchange index (PSEi) on Friday closed in the negative territory on profit-taking after it traded above 7,000-level, while the peso ended sideways against the greenback.

“The local bourse dropped 25.12 points (0.36 percent) to 6,919.59 as investors took some gains at the last minute,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.

All Shares closed flat at 3,609.21.

“Meanwhile, the market traded mostly in the green territory attributed to the positive cues from the US markets as the US’ personal consumption expenditures price index for January came in line with expectations,” she said.

Majority of the sectors shed shares with the biggest losses from Mining and Oil, down by 42.84 to 8,467.99 level; followed by Holding Firms, down by 37.19 points; Financials, down by 16.86 points; and Services, down by 12.97 points.

Property and Industrial firms gained by 34.51 and 15.33 points, respectively.

“The possibility that the inflation rate in February would be higher than in January weighed on sentiment,” Alviar said.

Net market value turnover reached PHP4.3 billion during the day.

Despite the shedding in the bourse, winners led losers at 109 to 78, leaving 49 counters unchanged.

Meanwhile, the peso closed sideways at 56.16 to a US dollar from 56.20 to a dollar the previous day.

It opened at 56.15, which is the highest rate for the day, and traded against the greenback as low as 55.97.

The weighted average rate stood at 56.05.

Volume trade increased to USD1.43 billion from USD1.28 billion.

“For next week, the peso exchange rate could range at 55.70-56.20 levels,” Rizal Commercial Banking Corp. economist Michael Ricafort said. (PNA)