Manila: Investors’ decision to look for cheaper-priced shares resulted in the negative close of the local bourse’s main index Thursday, and the peso ended weaker against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.53 percent to 6,291.85 points, and the broader All Shares followed with a decline of 0.57 percent to 3,743.03 points.

According to Philippines News Agency, half of the sectoral indices also finished the day in the red, namely Services, down 2.42 percent; Property, 1.02 percent; and Holding Firms, 0.65 percent. On the other hand, Industrial rose by 0.38 percent, Financials by 0.09 percent, and Mining and Oil by 0.001 percent. Volume totaled 2.09 billion shares, amounting to PHP8.41 billion. Decliners led advancers at 106 to 84, while 46 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said investors have likely taken profit after the recent rise of the main index, thus leading the bargain hunting during the day. “Furthermore, investors are likely still waiting for developments in stock market news that could influence the overall market, along with the upcoming implementation of the PSEi rebalancing,” he added.

Similarly, the local currency ended the day at 56.94 from its 56.72 close on Wednesday. It opened the day stronger at 56.7 from 56.88 a day ago. It even strengthened to 56.61 mid-trade but also dipped to 56.95, bringing the day’s average to 56.73. Volume jumped to USD1.87 billion from the previous trading’s USD1.63 billion.