Shares tumble, peso gains ahead of Undas break

MANILA, Philippines — Investors yesterday made sure to cash in profits before heading into the Undas break, having no motivation to buy more due to uncertainties on the economic front.

Meanwhile, the peso continued to appreciate after President Marcos made an assurance that economic managers are trying “as hard as we possibly can” to defend the local currency.

The benchmark Philippine Stock Exchange index (PSEi) yesterday slipped by 0.44 percent or 25.23 points to settle at 5,680.35, as investors resorted to profit-taking activity to maximize last Thursday’s gains.

The broader All Shares index also dipped by 0.51 percent or 16.31 points, closing at 3,178.42.

Regina Capital Development Corp. head of sales Luis Limlingan said investors have cashed out of the PSEi to defend their profits before a long weekend.

Likewise, he said investors reduced their exposure because of economic uncertainties hounding the market.

“The local bourse retreated in yesterday’s session as investors resorted to profit-taking following prior day’s gains. This reflects continued market caution,” Limlingan said.

“Investors maintained defensive positions and reduced exposure ahead of the long weekend amid lingering macroeconomic and external uncertainties,” he added.

Losers edging out the winners, 110 to 63, while 68 issuers were unchanged.

Data from the Banker’s Association of the Philippines show the peso appreciated by 11 centavos to close at 63.74 to $1 from Thursday’s 63.85 per dollar level.

The peso has bounced back after hitting a record low of 64.17 on Oct. 27, prompting President Marcos to assure that there is no need to panic over the weakening local currency.

“First of all, do not take it with alarm. Don’t panic. It is still an effect of the rising prices of oil and fuel and its impact on the economy,” Marcos earlier told reporters.

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