Philstar
Stocks slip as investors cash in
The Philippine Stock Exchange index (PSEi) experienced a decline, closing at 5,905.84, down 1.48 percent, as investors took profits in the absence of positive catalysts.
The downturn was influenced by profit-taking after several days of gains, subdued market sentiment due to the peso's depreciation against the dollar, and a near record-high national government outstanding debt of P17.56 trillion as of end-October.
All sectors were in the red except for mining and oil, which saw a slight gain.
Market sentiment was also affected by the resignation of former Department of Public Works and Highways secretary Rogelio Singson from the Independent Commission for Infrastructure.
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