MANILA – The local bourse and currency closed lower on Friday (27 Sept 2024) as profit-taking weighed on investor sentiment.
The Philippine Stock Exchange index (PSEi) fell by 0.41 percent, ending the day at 7,428.30. Similarly, All Shares declined by 0.19 percent to close at 3,970.43.
Most indices ended in positive territory, but Financials and Industrials finished in the red, dropping by 1.90 percent and 0.03 percent, respectively. Mining and Oil emerged as Friday’s top performer, gaining 0.55 percent to close at 8,791.38 points. The Services sector also saw gains, rising by 0.24 percent, while both the Property and Holding Firms segments edged up by 0.02 percent.
“Profit-taking dragged the PSEi into the red despite the index remaining in overbought territory, overshadowing positive momentum from US markets. US stocks advanced on upbeat economic data, including a drop in jobless claims and steady durable goods orders, easing fears of a slowdown, with second-quarter GDP holding firm at 3 percent,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Advancers outnumbered decliners, with 113 stocks advancing against 94 that declined, while 45 remained unchanged.
In currency trading, the Philippine peso weakened further to 56.08 against the US dollar, down from a previous close of 55.97. The peso started the day strong at 55.80 but faced pressure as it fluctuated between 55.77 and 56.10, averaging 55.89 for the day.
Total trading volume reached USD 1.47 billion, surpassing Thursday’s volume of USD 1.37 billion.
ia/mnm
