Profit-taking pulls down stocks index; peso up

DOWN ANEW. Profit-taking results in the negative close of the Philippine Stock Exchange index (PSEi) on Thursday (April 21, 2022). However, the peso gained against the US dollar. (PNA file photo)

MANILA – The main stocks index slipped on Thursday after several days on the rise but the peso gained against the US dollar.

The Philippine Stock Exchange index (PSEi) shed 1.13 percent, or 80.93 points, to 7,061.49 points.

All Shares followed with a drop of 0.65 percent, or 24.59 points, to 3,752.54 points.

Most of the sectoral gauges also finished the day on the red, led by Property, which fell by 2.16 percent.

It was trailed by Services, 1.50 percent; Industrial, 1.13 percent; and Holding Firms, 1.06 percent.

On the other hand, Mining and Oil rose by 2.01 percent and Financials by 0.99 percent.

Volume totaled 895.46 million shares amounting to PHP6.04 billion.

Decliners surpassed advancers at 91 to 83, while 61 shares were unchanged.

“Philippine shares succumbed to profit-taking following other Asian markets, while the US traded rather mixed as investors digested a fresh batch of 1Q22 (first quarter 2022) earnings results,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Meanwhile, the peso appreciated against the US dollar after it ended the day at 52.365 from 52.49 a day ago.

It opened the day at 52.4 and traded between 52.45 and 52.35.

The average level for the day stood at 52.395.

Volume reached USD1.34 billion, higher than the USD895.8 million. (PNA)

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