MANILA – Local shares dropped below the 6,100-mark as investors remained concerned about the conflict in the Middle East, which is now ongoing for more than two weeks.
The Philippine Stock Exchange index (PSEi) shed 54.46 points to 6,088.44, with All Shares declining by 26.36 points to 3,303.06 level.
All counters closed in the negative territory, with the biggest loss of 146.74 points recorded by Mining and Oil sector.
Philstocks Financial Inc. assistant research manager Claire Alviar said that aside from the escalating Israel-Hamas conflict, the higher yields in the United States are affecting the domestic index.
“The possibility of prolonged high interest rates, both domestically and in the US, further weighed on the sentiment,” Alviar said.
“Many investors opted to stay on the sidelines, resulting in a net market value turnover of PHP2.88 billion,” she added.
Decliners outnumbered advancers at 123 to 50, while 55 counters left unchanged.
Meanwhile, the peso closed at 56.84 to a US dollar, the same rate it finished last Friday.
The opening rate was also the same at 56.75 before trading to a low of 56.72 and a high of 56.87 to the greenback.
The weighted average for the day settled at 56.82 to a dollar.
The volume of trade slightly increased to USD950.5 million on Monday from USD912.27 million in the previous trading. (PNA)
