PNA file photo
MANILA – The local stock market shed on Monday on profit-taking while the peso ended sideways on hawkish signals from Bangko Sentral ng Pilipinas (BSP) officials.
The Philippine Stock Exchange index (PSEi) slipped to 6,550.76 level as it shed 74.03 points during the day’s trading.
All counters ended on the red, with All Shares closing at 3,493.64, slipping by 22.17 points.
Holding Firms logged the largest losses, down by 107.99 points to 6,362.78.
This is followed by Industrial, down by 65.53 points to 9,304.02; Mining and Oil down by 33.24 points to 9,985.55; Financials, down by 15.63 points to 1,924.20; Property, down by 8.21 points to 2,633.11; and Services, down by 6.73 points to 1,574.83.
Volume of shares reached nearly 555 million, valued at PHP2.99 billion. Decliners outpaced gainers at 94 to 85, while 56 shares were left unchanged.
“Philippines shares had a bit of retracement during today’s session ending at 6,550.76, as the past rallies in the exchange triggered some profit taking. In the US, equities soared on the back of upbeat 2023 performances of banks coupled with the tempered inflation,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Meanwhile, Philippine peso moved sideways to 54.38 to a dollar Monday from last week’s close of 54.40 to a dollar.
It opened at 54.44 from Friday’s start at 54.45 to the greenback.
The currency pair traded from a low of 54.30 to a high of 54.51, bringing the average level at 54.42.
Volume of trade declined to USD977.4 million on Monday’s trading from the end of last week’s USD1.15 billion. (PNA)
