MANILA: The local stock market and currency closed almost flat in Tuesday trading.
The Philippine Stock Exchange index (PSEi) finished 0.02 percent or 1.49 percent lower at 6,433.24.
All Shares slightly increased by 0.13 percent to 3,520.94 points.
Indices were mixed, with Property, Services, and Holding Firms in the positive territory while Mining and Oil, Industrial, and Financials closed in the red.
‘The market was initially trading in the green due to bargain hunting after Monday’s steep decline. However, a surge of last-minute profit-taking pushed the market into negative territory,’ Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
‘Negative cues from Wall Street overnight clouded investors while the BSP Governor’s statement that it sees room to keep interest rates elevated amid ‘evolving inflation condition’ weighed on the sentiment,’ he added.
Losers outpaced winners at 97 to 84, with 56 left unchanged.
Meanwhile, the Philippine peso continued to trade at the 57
level for two straight days.
The local currency finished at 57.81 to a US dollar from Monday’s closing of 57.90 to the greenback.
The currency pair traded between 57.80 and 58.02, bringing the average level for the day at 57.91 to a dollar.
Volume of trade declined to USD1.21 billion from USD1.76 billion the previous day.
Source: Philippines News Agency