Profit-taking resulted in the negative close of the Philippine Stock Exchange index (PSEi) Tuesday while the peso continues to stay firm against the greenback.
The local stock barometer shed by 0.88 percent, or 63.32 points, to 7,134.18 points.
All Shares followed with a drop of 1.001 percent, or 43.22 points, to 4,273.94 points.
Most of the sectoral gauges also ended the day in the negative territory, led by Financials with a decline of 1.88 percent.
Mining and Oil index slipped by 1.30 percent, Holding Firms by 0.98 percent, Property by 0.89 percent, and Services by 0.70 percent.
Only the Industrial index gained during the day after a 0.20-percent jump.
Volume reached 30.76 billion shares amounting to PHP11.34 billion.
Losers led gainers at 133 to 87, while 43 shares were unchanged.
“The PSEi tumbled today as investors took profit after major US indices hit record high on the last trading day of 2020,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Limlingan attributed the negative close of the main index to the additional movement restrictions in several countries and the more potent coronavirus disease 2019 (Covid-19) strain, the US-China trade tension, Georgia Senate race leaning towards a Democrat, stalemate among OPEC+ countries, and another acceleration of Philippines inflation rate.
Meanwhile, the local currency ended the day sideways against the US dollar and finished the trade at 48.065 from day-ago’s 48.02 close.
It opened the day at 48.04 and traded between 48.07 and 48.025.
The average level for the day stood at 48.044.
Volume totaled USD586 million, lower than the USD873.75 million in the previous day.
Source: Philippines News agency