Manila—(PHStocks)—The Philippine Stock Exchange (PSE) index was down for a second session Tuesday, January 20, as profit taking continued amid new highs last week. The PSEi closed today’s trading at 7,452.81, a 0.43% decline from yesterday’s finish.
PSEi closed last week’s trading at 7,490.88 (14 January)—a new high for this year—before the local stock market paused for a two-day holiday in celebration of Pope Francis’s visit to the country.
The trading break was also at an opportune time as the global financial market was rocked by the sudden change in Switzerland’s currency policy, when the Swiss National Bank (SNB) scrapped its cap on the Swiss franc’s exchange rate against the euro.
When trading resumed yesterday, the local stock barometer dipped slightly to 7,485.32 on profit taking. This, however, was still premature as most investors would have still been out of the market because 19 January was still considered part of the “Pope-in-PH” holiday. It was only today that regular business returned to the offices.
Meanwhile, all counters finished in the red, led by the Mining and Oil inde, which dropped by 2.91%. The wider All Shares index, on the other hand, declined by just 0.42%.
Trading volume reached 2.74 billion, valued at PhP10.09 billion. There were 78 gainers against 106 losers, while 46 stocks were flat. Foreign buying totaled PhP5.13 billion, while foreign selling reached PhP5.4 billion.