Shares down on profit taking, peso depreciates

By Anna Leah Gonzales

May 17, 2024, 6:03 pm

MANILA – Philippine shares ended the week in the red due to last-minute profit taking, while the peso depreciated on Friday.

The Philippine Stocks Exchange index (PSEi) declined by 9.51 points, closing at 6,618.69, while the broader All Shares also slightly declined by 0.37 points to 3,524.15.

"The local bourse dropped by 9.51 points (0.14%) to 6,618.69 due to last-minute profit-taking. The market mostly traded in the green during the session as the sentiment was lifted following Bangko Sentral ng Pilipinas' (BSP) signal to cut interest rates as early as August," Philstocks Financial, Inc. assistant research manager Claire Alviar said.

"However, negative cues from abroad weighed on the market, prompting investors to sell shares at the last minute," Alviar added.

Sector indices were mixed, with the Services having the biggest loss, declining by 1.60 percent.

On the other hand, the Property sector led the gainers, increasing by 1.39 percent.

Advancers led decliners at 93 to 91 while 67 shares were unchanged.

The peso, meanwhile, depreciated, closing at 57.62, weaker than Thursday's 57.46 finish.

It opened at 57.53 and traded between 57.53 and 57.75.

The weighted average for the day stood at 57.643.

Total volume of trade slightly declined to USD1.75 billion from USD1.76 on Thursday. (PNA)