MANILA: Both the local stock market and currency declined on the first day of trading this week.
The Philippine Stock Exchange index (PSEi) fell by 1.14 percent to 6,649.23 points, while All Shares also decreased by 0.68 percent to 3,605.33.
Among sectoral indices, only the Industrial counter closed in the green territory, higher by 0.16 percent finishing at 9,174.50 level.
Financials had the biggest drop for the day, declining by 2.65 percent; followed by Mining and Oil, down by 1.18 percent; Property, down by 0.90 percent; Services, down by 0.84 percent; and Holding Firms, down by 0.51 percent.
Philstock Financials, Inc. research associate Claire Alviar said the local bourse performed weaker than Friday’s finish due to a lack of strong catalyst on Monday’s trading.
‘Foreign investors weighed on the market, recording a net outflow of PHP500.43 million. Investors were waiting for the Federal Reserve meeting, which could influence Bangko Sentral ng Pilipinas’ decision regarding interest rates,’ Alviar sai
d.
‘Chart-wise, the market’s resistance was still pegged at 6,700-6,800, and it seemed the market is struggling to break and stay above this level,’ she added.
Losers outnumbered winners at 105 to 83, leaving shares of 55 firms unchanged.
Meanwhile, the Philippine peso also closed weaker by 0.16 to 58.51 from last week’s finish of 58.35 to a US dollar.
It opened the day at 58.43, before trading between a low of 58.36 and a high of 58.53.
The average level for the day stood at 58.41 versus the greenback.
Trade volume reached USD924.41 million, lower than Friday’s volume of USD1.29 billion.
Source: Philippines News Agency
