The Daily Tribune
PSEi extends slide on profit-taking, cautious trades ahead of SONA
The Philippine Stock Exchange index (PSEi) and the peso both declined on Friday due to profit-taking by investors.
The PSEi closed 0.48 percent lower at 6,413.18 points, with Property sector stocks experiencing the largest drop of 1.21 percent.
Investors adopted a cautious stance ahead of President Ferdinand Marcos Jr.'s fourth State of the Nation Address (SONA) and the release of second-quarter corporate earnings.
Trading volume reached PHP5.40 billion, with decliners narrowly outnumbering advancers, indicating weaker investor appetite.
Foreign investors, however, returned as net buyers, posting net inflows of P113.74 million for the day.
The Philippine peso depreciated against the US dollar, closing at 57.11 from 56.65 the previous day.
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