PSEi drops on shortened trading this week, peso nearly flat

By Kris Crismundo

April 8, 2024, 8:36 pm

MANILA – The local stock barometer declined for the fifth consecutive trading day on Monday, while the peso closed nearly flat.

The Philippine Stock Exchange index (PSEi) slipped 0.06 percent, or 4.39 points, to 6,741.07, while All Shares increased 0.12 percent, or 4.41 points, to 3,559,59.
“The local bourse inched down this Monday, dropping by 4.39 points to 6,741 amid the shortened trading week,” Philstock Financials, Inc. assistant research manager Claire Alviar said.

“Many also maintained a cautious stance while waiting for the meeting of the Bangko Sentral ng Pilipinas (BSP). Although it has already been anticipated that they would keep interest rates unchanged, investors were waiting for the BSP’s outlook on the inflation rate amid lingering risks. After trading, the monetary board announced the retention of interest rates at 6.5 percent, as expected,” she said.

Sectoral indices were mixed, with gainers included Mining and Oil, Property, and Services, while losers included Holding Firms, Financials, and Industrial.

“The net market value turnover stood at PHP4.21 billion,” Alviar said.

Despite the overall drop in the PSEi, advancers still led decliners at 104 to 88, leaving 52 counters unchanged.

Meanwhile, the peso closed almost flat on Monday at 56.49 from last week’s finish of 56.50 to a US dollar.

The local currency kicked off the day at 56.70 from its opening last Friday of 56.52 to a dollar.

The currency pair traded between a low of 56.45 to a high of 56.70, leaving the average level for the day at 56.55 to the greenback.

The volume of trade declined to USD1.22 billion from last week’s USD1.59 billion. (PNA)