MANILA – The Philippine Stock Exchange index (PSEi) closed in the negative territory at the start of the week, while the peso moved sideways.
The benchmark PSEi ended the day at 6,630.68, with the broader All Shares also shedding 20.90 points at 3,487.71.
“The local bourse took some gains from last week’s gain, dropping by 55.41 points (0.83 percent) while awaiting the release of the Philippine fourth-quarter GDP (gross domestic product) growth data this week,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
“The sentiment was further dampened by the statement of the BSP (Bangko Sentral ng Pilipinas), saying that a strong economic growth would give them more room to tighten their policies,” Alviar said.
All sectoral indices fell, with the biggest shedding coming from the Mining and Oil counter, down by 122.03 points; followed by Industrial, down by 78.35 points; Holding Firms, down by 58.93 points; Property, down by 25.72 points; Financials, down by 16.28 points; and Services, down by 7.37 points.
Net market value turnover for the day stood at PHP3.85 billion.
Meanwhile, the peso moved sideways at 56.27 to a US dollar from Friday’s 56.29-finish.
It opened the day strong at 56.40 compared to last trading day’s kick off of 56.50.
The currency pair traded between 56.26 and 56.54, bringing the average level for the day at 56.14 to a dollar.
Total volume slipped to USD1.17 billion from Friday’s level of USD1.38 billion. (PNA)
