WEAK. The wait-and-see stance for the Feb. 15, 2024 policy rate setting of the Bangko Sentral ng Pilipinas (BSP) resulted in the weaker close both by the local bourse’s main index and the peso on Monday (Feb. 12). Analysts expect the central bank to keep its key rates steady as inflation continued to decelerate. (PNA graphics)
MANILA – Investors took profit on Monday’s trading after a five-day rally of the local stock market, while the peso depreciated to 56-level.
The Philippine Stock Exchange index (PSEi) shed 42.34 points but still traded at 6,800 level to 6,807.82, and the broader All Shares slipped by 8.15 points to 3,566.06.
Most of the counters closed in the negative territory, except for Services which increased by 7.31 points to 1,720.84 level.
Among the decliners, the biggest drop came from Industrial, with shares decreasing by 97.93 points to 9,092.86.
It was followed by Mining and Oil, down by 69.49 points to 8,918.89; Property, 38.42 points to 2,931.37; Holding Firms, 33.14 points to 6,388.20; and Financials, 9.13 points to 1,955.80.
“Many investors were also cautious while waiting for the BSP’s (Bangko Sentral ng Pilipinas) policy meeting this week,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
Alviar added PSEi’s net market value turnover for the day stood at PHP4.17 billion.
“The market’s current trading range is from the support level of 6,700 to 7,000 resistance level,” she added.
Losers outpaced gainers at 106 to 81, leaving shares 51 firms unchanged.
Also, the peso closed weakened to 56.01 to a US dollar from 55.91 at the end of last week’s trading.
It opened the day at 56.05 before trading between 55.98 and 56.16 to the greenback.
The weighted average level for the day stood at 56.07 to a dollar.
Volume of trade fell to USD947.75 million from USD1.2 billion volume last week. (PNA)
