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Stock market down on profit-taking, peso weakens

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Profit-taking pulled the market down on Monday while the peso depreciated against the United States dollar. The Philippine Stock Exchange index (PSEi) declined by 16.71 points to close at 6,304.53 while the broader All Shares shed 1.71 points to 3,399.12. Philstocks Financial assistant research manager Claire Alviar said the local market declined due to last-minute profit-taking. 'Investors also unload some gains while waiting for the release of the Philippine inflation rate," she said. "The possibility that the inflation rate will be higher than August's figure weighed on sentiment particularly that the Bangko Sentral ng Pilipinas may raise interest rates." Almost all sectors ended in the negative territory, except for Industrial and Services which gained 27.78 points and 1.61 points, respectively. Volume reached 591.36 million shares with a total value of PHP3.85 billion. Gainers led losers at 92 to 75, while 63 shares were unchanged. Meanwhile, the peso closed at 56.77 to a dollar, down from Friday's 56.57 finish. It opened the day at 56.7 from the previous kickoff at 56.75. The currency pair traded between 56.67 and 56.8, bringing the day's weighted average level to 56.728 to the greenback. Volume of trade slightly declined to USD1.152 billion from the previous day's USD1.194 billion.

Source: Philippines News Agency