PSEi slides on profit-taking, weaker peso

MANILA, Philippines — Local stocks fell for a second straight session on Wednesday as profit-taking in index heavyweight International Container Terminal Services Inc. (ICTSI) and higher oil prices weighed on sentiment alongside a weaker peso. The benchmark Philippine Stock Exchange Index (PSEi) dropped 1.04 percent, or 65.95 points, to close at 6,267.85. Philstocks Financial Inc. said profit-taking in ICTSI kept the market under pressure, dragging the main index lower. Wait-and-see trading Investors remained cautious as rising oil prices, a record-low peso and the Iran conflict fueled uncertainty. “The selling pressure pushed the benchmark index below the 6,300 level as sentiment remained […]...

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