MANILA – Both the local shares and currency continued to fall for two consecutive trading days.
The Philippine Stock Exchange index (PSEi) declined 0.42 percent to 6,853.10, with All Shares also slipping by 0.27 percent to 3,578.21.
“Philippine shares were quietly sold down as investors prepare for a shortened week while awaiting the quarter end close,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“The PSEi continued to correct lower into the holiday-shortened Holy Week when some market players are on vacation/break that could reduce trading volumes/activities, similar to consistent patterns seen in recent years,” Rizal Commercial Banking Corp. chief economist Michael Ricafort also noted.
Except Holding Firms, which went up by 0.10 percent to 6,437.50, all other sectors ended the day in the red territory.
Losers were led by Financials, declining by 0.87 percent, followed by Industrial, down by 0.71 percent; Mining and Oil, down by 0.68 percent; Services, down by 0.34 percent; and Property, down by 0.30 percent.
Decliners outnumbered gainers at 113 to 82, with 48 counters left unchanged.
Meanwhile, the Philippine peso closed weaker by 0.12 at 56.39 to a US dollar from last week’s finish of 56.27.
Ricafort noted that Monday’s finish was the peso’s weakest in nearly two months, or since Jan. 30.
The peso opened the day weak at 56.37 before trading between 56.24 and 56.40, bringing the average level for the day at 56.33 to a dollar.
Volume of trade fell to USD1.65 billion from USD2.1 billion last Friday. (PNA)
