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MANILA – The Philippine Stock Exchange index (PSEi) fell below the 6,600-level on July’s last day of trading while peso ended sideways.
The PSEi closed the day at 6,591.47, shedding 33.79 points, with all shares also losing 10.25 points to 3,516.67.
Philstocks Financial Inc. research associate Claire Alviar said investors took advantage of profit-taking during this day’s trading.
“The market mostly traded in the green territory in anticipation of a slower inflation in July at home but it failed to sustain the momentum due to negative sentiment overseas, especially in China as China’s factory activity for July was in contraction territory,” Alviar said.
She added the big-time oil price hike on Tuesday also weighed on the investors’ sentiment.
Only two counters were in the green on Monday, led by Services, whose shares increased by 11.22 points to 1,613.19 and Financials, only 0.54 points to 1,940.59.
Losers include Holding Firms, down by 67.99 points; Mining and Oil, 50.90 points; Industrial, 29.59 points; and Property, 12.63 points.
Alviar said the net market value turnover reached PHP4.66 billion.
Eighty-four firms incurred losses higher than 83 firms with gains for this day’s trading. Shares of 64 listed firms remained stable.
Meanwhile, Philippine peso traded sideways, gaining by 0.03 to 54.88 to a dollar from previous trading’s closing of 54.91.
The peso kicked off at 54.89 from Friday’s opening of 54.75, before trading between 54.75 and 54.91 this day.
The weighted average level settled at 54.83 to a dollar.
Total volume of trade declined to USD1.03 billion from USD1.1 billion last Friday. (PNA)
