DOWN. Both the Philippine Stock Exchange index (PSEi) and the peso ended the week’s first trading day weak partly on investors’ profit-taking. An analyst said on Monday (Feb. 26, 2024) the main stocks gauge’s performance also tracked its regional peers and was affected by the policy rate outlook by the central bank. (PNA file photo)
MANILA – Both the local bourse and local currency finished Monday's trading weak, with shares falling below the 6,900 mark and the peso closing at 56-level.
The Philippine Stock Exchange index (PSEi) declined by 21.72 points to 6,891.49 points, putting a stop to its four-day rally.
All Shares also slipped 7.63 points to 3,600.49.
Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the local stock market followed this day's trend in the region.
“The bourse joined most of its regional peers in the red territory as profit-taking prevailed as well,” Plopenio said.
“Moreover, the sentiment was further dampened by tempered rate cut hopes after BSP (Bangko Sentral ng Pilipinas) Deputy Governor Francisco G Dakila Jr. stated that the central bank is prepared to adjust its monetary policy settings as needed as inflation risks are present,” he added.
Sectoral indices were mixed, with Industrial (+54.11 points), Mining and Oil (+46.49 points), and Holding Firms (+27.12 points) up.
Those in the red were Property (-59.31 points), Financials (-13.45 points), and Services (-1.24 points).
Gainers led losers at 89 to 78, leaving 65 unchanged.
Meanwhile, the Philippine peso lost PHP0.20 after closing Monday at 56.1 to a US dollar from its 55.90-finish last Friday.
Peso opened the day weak at 55.94 from last week’s kick-off at 55.80 to a dollar.
The currency pair traded between 55.93 and 56.1, bridging the average level of 55.99 to the greenback.
The volume of trade declined to USD982.3 from the previous volume of USD1.25 billion. (PNA)
