The Philippine Stock Exchange index (PSEi) sank by 1.04% or 65.95 points to close at 6,267.85 on Wednesday, dragging the main index back to the 6,200 range. The broader all shares index fell by 0.53% or 18.23 points to end at 3,421.35.
The PSEi opened Wednesday's session at 6,334.88, a tad higher than Tuesday's close of 6,333.80. This was also its peak for the day. Meanwhile, its intraday low was at 6,259.31.
Investors turned cautious amid continued peso depreciation, prompting profit taking across the market. The selling pressure pushed the benchmark index below the 6,300 level as sentiment remained subdued. Attention is likely to remain on currency movements and broader market conditions in the near term.
The peso slipped by half a centavo to close at its record low of P61.75 against the dollar, data showed. This marked the third straight day of decline for the peso, which has been under fresh pressure as renewed hostilities in the Middle East pushed up oil prices, reviving inflation concerns.
Heavy profit taking on index heavyweight International Container Terminal Services, Inc. (ICTSI) contributed to the market's decline. ICTSI's shares plunged by P39 or 3.9% to close at P960 each.
On the other hand, Semirara Mining and Power Corp. was the index leader, climbing 3.11% to P21.55 apiece.
Sectoral indices ended mixed on Wednesday. Mining and oil rose by 1.29% or 203.58 points to 15,912.78; industrials increased by 0.4% or 33.93 points to 8,471.52; and property went up by 0.24% or 4.63 points to 1,922.45.
However, services slumped by 3.01% or 104.92 points to 3,376.44; holding firms dropped by 0.27% or 12.34 points to 4,403.32; and financials edged down by 0.07% or 1.47 points to 1,911.4.
Decliners beat advancers, 105 to 89, while 48 names were unchanged. Value turnover dropped to P6.49 billion on Wednesday with 711.22 million shares traded from the P7.94 billion with 702.8 million issues that changed hands on Tuesday.
Net foreign selling rose to P655 million from P312.45 million in the previous session, contributing to the market's decline.
