NextGen Day

Profit-taking ahead of the holidays caused another drop in the Philippines’ major stock index on Wednesday, with the peso following suit after dropping below the 50-level against the US dollar.

The Philippine Stock Exchange index (PSEi) fell 47.87 points, or 0.67 percent, to 7,119.19.

The Dow Jones Industrial Average fell 0.22 percent, or 8.45 points, to 3,797.22 points.

Holding Firms, 0.64 percent; Property, 0.64 percent; Financials, 0.25 percent; and Services, 0.02 percent — all of the sectoral indexes concluded the day in the negative.

Industrial, on the other hand, increased by 1.44 percent, while Mining and Oil increased by 0.49 percent.

A total of 1.61 billion shares worth PHP6.03 billion were traded.

Gainers outnumbered losers 86 to 83, with 69 shares remaining unchanged.

“Philippine stocks closed lower as investors took profits ahead of the holidays while others assessed the damage caused by Typhoon Odette,” said Luis Limlingan, head of sales at Regina Capital Development Corp. (RCDC).

“Odette,” the country’s biggest storm so far this year, wreaked havoc on regions of the Visayas and Mindanao just a few days ago. It is expected to stymie the revival of the local economy, with damage to the agricultural sector estimated to be worth PHP3 billion.

The peso fell in value versus the US dollar, completing the day at 50.19, down from 49.95 the day before.

It opened at 49.93 and traded between 50.19 and 49.9, with a 50.038 average.

The volume was USD1.06 billion, up from USD916 million the day before.

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