Manila: The local stock barometer closed in the red territory as profit-taking snapped its four-day win streak, while the peso slumped to a two-year low of 59 against the US dollar Thursday. The Philippine Stock Exchange index (PSEi) dropped by 1.61 percent to 6,863.01, while All Shares declined by 0.99 percent to 3,809.39.

According to Philippines News Agency, Reginal Capital Development Corp. managing director Luis Limlingan stated, “Philippines shares finally succumbed to profit taking after successive sessions in the green.” He noted that local shares were sold on the news following reassurances from the Bangko Sentral ng Pilipinas (BSP). All sectors, except for Services which jumped by 0.70 percent, ended the day in negative territory, with Holding Firms experiencing the largest drop, down by 2.83 percent. This was followed by Property, which fell by 2.19 percent; Industrial, 1.18 percent; Financials, 1.13 percent; and Mining and Oil, 0.74 percent.

The trading session saw decliners outnumbering advance
rs at 111 to 86, with 57 indices remaining unchanged. Meanwhile, the peso closed at a two-year low against the US dollar. It opened the day at 58.93 and traded within a range of 59 to 58.888, resulting in an average of 58.977.