MANILA – The local stock barometer started the week in the negative territory partly on renewed concerns regarding China Evergrande Group but the peso gained against the greenback.
The Philippine Stock Exchange index (PSEi) lost 1.07 percent, or 78.07 points, to 7,211.54 points.
All Shares followed with a 0.58 percent or, 25.86 points, decline to 4,436.84 points.
Most of the sectoral indexes also finished the day with losses including the Property, 2.46 percent; Holding Firms, 1.55 percent; Mining and Oil, 0.50 percent; and Industrial, 0.27 percent.
On the other hand, Financials increased by 0.23 percent and Services by 0.20 percent.
Volume was thin at 913.57 million amounting to PHP5.57 billion.
Decliners surpassed advancers at 120 to 75, while 55 shares were unchanged.
“Philippine shares closed lower amid the US earnings disappointments and as the China Evergrande Group payment deadline looms,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
The debt-ridden Chinese real property developer averted a costly default last week after a last-minute bond coupon payment but is facing another payment deadline on Friday.
Another factor that contributed to the day’s trading at the local bourse is the rise in US Treasuries due to inflation concerns, Limlingan added.
Meanwhile, the local currency closed the day stronger against the US dollar at 50.68 from 50.786 at the end of last week.
It opened the day at 50.73, sideways against its 50.8 start in the previous session.
It traded between 50.825 and 50.68, bringing the day’s average to 50.767.
Volume is lower at USD923.4 million from the USD1.068 billion at the end of last week. (PNA)
