MANILA – The Philippine Stock Exchange index (PSEi) ended Thursday in the negative territory, partly on the Morgan Stanley Capital International (MSCI) rebalancing results ahead of the same adjustments in the local bourse, and the decline was mirrored by the peso.
The main equities index shed 1.65 percent, or 110.29 points, to 6,556.57 points.
All Shares slipped by 1.26 percent, or 51.68 points, to 4,059.93 points.
Most of the sectoral gauges also ended weaker, led by the Property after it fell 3.14 percent.
Holding Firms index trailed with a drop of 2.14 percent along with Financials, 1.29 percent; Industrial, 0.56 percent; and Services, 0.17 percent.
Only the Mining and Oil index rose during the day with an increase of 1.47 percent.
Volume reached 4.16 billion shares amounting to PHP18.23 billion.
Losers led gainers at 133 to 66, while 51 shares were unchanged.
Aside from the MSCI rebalancing, investors also looked at the latest rise in US equities, said Luis Limlingan, Regina Capital Development Corporation head of sales.
He traced the rally in US equities to the USD1-trillion infrastructure package that US senators passed this week, as well as the latest US inflation data that indicates a possible peak at 5.4 percent last July.
“Equities have had a largely positive start to the week after a recent run of pressure caused by profit-taking and concerns about China’s crackdown on sectors, including tech and private tuition,” he said, adding “what’s crucial now is whether or not the recent highs from the states will be able to offset growing worries over the continued spread of the Delta variant.”
Meanwhile, the peso ended the day at 50.39 from 50.38 a day ago.
It opened the trade sideways at 50.35 and traded between 50.46 and 50.34.
Average level for the day stood at 50.393.
Volume reached USD723.3 million, lower than the USD896.6 million a day ago. (PNA)
