PSEi falls 0.58% due to profit-taking, weak peso

On Tuesday, September 3, 2024, the Philippine Stock Exchange index (PSEi) declined by 0.58%, dropping 40.49 points to close at 6,882.92 due to profit-taking and a weak peso.

Philstocks Financial Research Manager Japhet Tantiangco attributed the decline to investors cashing in after a two-day rise and noted that the peso's depreciation against the US dollar also affected market performance.

Trading volume increased to USD1.8 billion from USD802.6 million on Monday, with foreign buying dropping significantly.

Among sectors, only Holding Firms saw gains of 0.11 percent, whereas the Services sector experienced the steepest decline at 1.23 percent.

The peso closed weaker at 56.61 to a dollar compared to 56.38 on Monday, reflecting broader market concerns and anticipation of August inflation data due later in the week.