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Tuesday, February 27, 2024

Stock market retreats on profit taking; peso remains strong

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The Philippine stock market edged slightly lower Thursday ahead of the US Thanksgiving holiday.

The 30-company Philippine Stock Exchange index lost 6.98 points, or 0.11 percent, to close at 6,246.20, while the broader all-shares index dropped 2.03 points, or 0.06 percent, to settle at 3,328.01.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said investors took profit after the market rose for two straight days.

Minutes from the US Federal Open Market Committee meeting, which gave no hint of possible rate cuts, also affected investor sentiments.

Meanwhile, the peso appreciated Thursday to close at 55.39 against the US dollar from 55.45 Wednesday on easing crude prices in the world market.

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