MANILA, Philippines – The Philippine Stock Exchange (PSEi) on Wednesday, December 5, took a breather from its record-breaking rally 7 days in a row.
Profit-taking capped the PSE main index’s steady ascent toward the 6,000 level as it closed 5,687.72 on December 5.
This is down 18.56 points or 0.33% from Tuesday’s 5,706.28, the 34th all-time high for 2012.
Analysts consider this a technical correction, and also cited concerns about the fiscal cliff issues in the United States, a major trade partner of the Philippines.
At the foreign exchange market, the peso gained two centavos to close at P40.85 to a dollar — a new record high. The local currency last hit this rate on March 7, 2008.
Trading volume reached only US$754.2 million on December 5, from the previous day’s $752.35 million. – Rappler.com