PSEi down on profit-taking, peso weakens

By Kris Crismundo

January 30, 2024, 6:35 pm

MANILA – The local bourse recorded losses for two consecutive days, while the local currency finished weak on Tuesday.
The Philippine Stock Exchange index (PSEi) slipped 8.67 points to 6,622.01 level.
All Shares were flat closing at 3,487.71.
Sectoral indices were mixed with Mining and Oil, Holding Firms and Services ending in the green territory; while Industrial, Financials and Services declined.
Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said local shares slightly declined on profit-taking while also awaiting the country’s economic performance for the fourth quarter of 2023.
"Investors seem to have digested Moody's Analytics' Q4 (fourth quarter) 2023 GDP (gross domestic product) growth projection for the Philippines which is at 4.9 percent, slower than the previous quarter at 5.9 percent," he said.
Plopenio added that worries over China's economic growth also dampened investors' sentiment.
Market participation in the local stock market reached PHP4.1 billion, lower than the month-to-date average of PHP4.39 billion.
Winners and losers were equal at 91, while 47 issues were left unchanged.
Meanwhile, the peso depreciated at 56.40 against the US dollar from 56.27 in the last trading.
It was strong opening at 56.30 from Monday's kickoff at 56.40.
The currency pair traded between 56.20 to 56.48, bringing the average level for the day at 56.34 to a dollar.
Volume of trade stood at USD1.32 billion, higher than Monday’s volume of USD1.17 billion. (PNA)