Stocks extend losses for 3rd day

MANILA, Philippines — The local stock market extended its losing streak to three days amid a profit-taking spree and further weakening of the peso against the greenback.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) plunged by 0.18 percent or 13.05 points to end at 7,411.47.

The broader All Shares index, on the other hand, added 0.10 percent or 4.16 points to 4,037.52.

“Investors continued to take profits amid the peso’s sustained depreciation, now going below the 57:$1 mark,” Philstocks Financial Inc. research manager Japhet Tantiangco said.

The local currency further weakened by 34 centavos to close at 57.36 against the dollar yesterday.

Regina Capital Development Corp. managing director Luis Limlingan, meanwhile, said the PSEi closed slightly lower as the cautious signals of the US Federal Reserve on interest rate cuts weighed on sentiment.

Trading remained tepid, resulting in a net market value turnover of P4.05 billion—lower than the year-to-date average of P5.21 billion.

Foreigners were net sellers for two days in a row, posting a net outflow of P73.58 million.

Sector indexes were a mixed bag, with property leading the gainers with a 0.55-percent climb.

The services index, meanwhile, was the biggest loser after declining by 1.55 percent.

Market breadth stayed negative, with decliners edging out advancers, 111 against 99, while 48 issues were unchanged.

Among index members, JG Summit Holdings Inc. gained the most by 2.27 percent, while Bloomberry Resorts Corp. was the main laggard, losing by 2.97 percent.