MANILA – All the counters in the local bourse traded on the red on Monday partly ahead of the Federal Reserve meeting this week but the peso managed to finish the day sideways against the greenback.
The Philippine Stock Exchange index (PSEi) shed by 1.70 percent, or 111.35 points, to 6,437.42 points.
All Shares followed with a decline of 1.39 percent, or 48.41 points, to 3,426.00 points.
Holding Firms led the sectoral gauges in terms of losses after it fell 2.67 percent and was trailed by Services, 1.50 percent; Property, 1.46 percent; Industrial, 1.03 percent; Financials, 0.68 percent; and Mining and Oil, 0.58 percent.
Volume reached 660.59 million shares amounting to PHP4.98 billion.
Losers led gainers at 132 to 51 while 51 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said in a statement that investors are on a wait-and-see stance for the policy decisions of several central banks this week.
Among others, the Fed will have its meeting on September 20 and 21 and the Bangko Sentral ng Pilipinas on September 22.
Limlingan said investors are also waiting for the housing data in the United States as well as the initial jobs claims report.
He also said oil prices in the international market fell “as anticipation of weak demand and a strong greenback outweighed supply concerns.”
Brent crude oil slipped by 3.46 percent to USD90.84 per barrel and the West Texas Intermediate by 3.8 percent to USD85.10 per barrel.
On the other hand, the local currency finished the day sideways against the US dollar at PHP57.4 from PHP57.43 Friday last week.
It opened the day at PHP57.34, an improvement from its PHP54.35 start in the previous session.
It traded between PHP57.43 and PHP57.325, resulting in an average of PHP57.3.
Volume declined to USD508.4 million from USD900.66 million at the end of last week. (PNA)