MANILA — In a two-day streak, the local bourse experienced a decline attributed to profit-taking, while the domestic currency closed the month on a weaker note.
The Philippine Stock Exchange index (PSEi) concluded November’s trading, dipping by 40.26 points to 6,224.88, with All Shares also registering a decline of 15.24 points to 3,324.44.
All sectoral indices closed in negative territory, with the Mining and Oil sector leading the losses by shedding 96.60 points, closing at 9,644.56.
Mikhail Plopenio, Research and Engagement Officer at Philstocks Financial Inc. noted that all counters traded in the red throughout the day.
Profit-taking was a significant factor, and concerns regarding China’s economy, a major trading partner for the Philippines, further impacted investor sentiment.
Plopenio explained, “This follows China’s November official manufacturing PMI, which stood at 49.4, indicating a contraction, and its non-manufacturing PMI registered 50.2, declining from the prior month’s 50.6.”
Despite the challenges, market participation in the local stock market saw improvement, with a net value turnover of PHP 7.81 billion, surpassing the year-to-date average of PHP 4.91 billion.
However, net foreign selling stood at PHP 320.30 million, contributing to the day’s overall index performance.
Simultaneously, the peso closed weaker by 0.10 at 55.49 against the US dollar on Thursday, compared to 55.39 the previous day.
The day commenced with a weaker opening at 55.45, rising from the last day’s start at 55.29 against the dollar.
The peso traded between 55.37 and 55.51, averaging 55.45 against the greenback for the day.
The volume of trade reached USD 1.27 billion, surpassing Wednesday’s volume of USD 1.1 billion.
(AI/MNM)