MANILA – Both local shares and the currency finished the first trading day of the week with losses on domestic and foreign economic development.
The Philippine Stock Exchange index shed 6.48 points to 6,228.29, with the broader All Shares also falling 1.93 points to 3,327.65.
Philstock Financials, Inc. assistant research manager Claire Alviar attributed the weak trading on Monday to the negative sentiment of investors amid the recent statement of central bank Governor Eli Remolona Jr. that it is premature to discuss policy easing in 2024.
Among sectoral indices, only Holding Firms and Property recorded gains.
The biggest drop came from Mining and Oil, down by 96.56 points, followed by Financials (-33.26 points), Industrial (-24.21 points), and Services (-3.66 points).
“The net market value turnover stood at PHP3.85 billion,” Alviar added.
Decliners outpaced gainers at 118 to 64, with 48 counters maintaining their shares.
Meanwhile, the Philippine peso also ended its five-day gains, depreciating by 0.35 to 55.65 to the US dollar from last week’s close of 55.30 to the greenback.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the better-than-expected employment data in the US made the dollar stronger compared to other currencies, including the Philippine peso.
The peso opened the day at 55.57, weaker than the 55.37 opening last week.
The currency pair traded between 55.53 and 55.67 to the dollar, bringing the day’s average level to 55.59.
Trade volume for the day declined to USD888.8 million from last week’s volume of USD1.21 billion.“For tomorrow, the peso exchange rate could [trade] at the 55.55 to 55.75 levels,” Ricafort said. (PNA)
