MANILA — The Philippine Stock Exchange index (PSEi) ended its three-day winning streak, dropping 0.64% to 6,900.62 amid profit-taking. The All Shares index also fell by 0.13% to 3,724.38. Only the Industrial sector posted a gain, rising 0.14% to 9,207.97.
The Property sector led the decline, falling by 1.53%, followed by Financials (-1.04%), Mining and Oil (-0.91%), Services (-0.23%), and Holding Firms (-0.20%).
Philstocks Financial, Inc. senior research analyst Japhet Tantiangco attributed the drop to profit-taking after the recent rally and a cautious market stance ahead of the Jackson Hole Economic Symposium, where the Federal Reserve might signal future policy changes.
Decliners outnumbered advancers 130 to 78, with 49 issues unchanged.
In the currency market, the peso ended the day nearly unchanged, slightly strengthening by 0.05 to 56.50 against the US dollar, compared to 56.55 the previous day. It started at 56.40, fluctuating between 56.35 and 56.54, with an average of 56.45. Trade volume increased to USD 1.59 billion from USD 1.55 billion.
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