Manila: Profit-taking resulted in the negative close of the Philippine Stock Exchange index (PSEi) on Wednesday, while the peso remained in a weakening mode against the US dollar. The local bourse's main index shed 0.41 percent to 6,292.09 points, but the broader All Shares rose 0.16 percent to 3,594.19 points.

According to Philippines News Agency, most of the sectoral gauges also ended the day in the red - Services declined by 1.29 percent, Holding Firms by 0.35 percent, Financials by 0.33 percent, and Property by 0.11 percent. However, the Mining and Oil and Industrial sectors gained 0.81 percent and 0.63 percent, respectively. Volume reached 772.34 million shares, amounting to PHP7.29 billion. Decliners led advancers at 107 to 101 while 68 shares were unchanged.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that catalysts for this year include gains in anti-corruption measures and policy reforms for governance standards, as well as a potential future Bangko Sentral ng Pilipinas rate cut. Meanwhile, the Philippine peso closed the day at 59.35 against the greenback, weaker than its 59.21 close the previous day. It opened the day at 59.24, weaker than its 59.07 start in the previous session, trading between 59.38 and 59.2, bringing the day's average to 59.32. Volume went down to USD1.32 billion from the previous day's USD1.39 billion.