MANILA — Profit-taking for the third consecutive day in the Philippines’ equities market resulted in the negative close of the main stocks index.
The peso, however, remained firm and was little changed against the US dollar, closing the day at 51.54 from 51.51 the previous day.
A trader said the peso stayed strong amid high corporate demand for the greenback ahead of next week’s long weekend.
Oct. 31 has been declared a holiday to allow families to prepare for All Saints Day on November 1.
For the day, the local unit opened at 51.46 from the previous session’s 51.49, trading between 51.45 and 51.61. The day’s average was 51.51.
Volume for the day reached USD551.2 million, higher than the USD439 million a day ago.
On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.82 percent, or 68.40 points, to 8,279.92 points.
The broader All Shares followed, with a decline of 0.62 percent, or 30.47 points, to 4,855.32 points.
Half of the sectors also ended in the red, led by Financials at 1.73 percent, and followed by Holding Firms, 1.22 percent, and Property, 0.45 percent.
Volume reached 670.66 million shares amounting to PHP7.89 billion.
Decliners again surpassed gainers at 113 to 80 while 50 shares were unchanged. (PNA)