malaysiang– The Philippine Stock Exchange index (PSEi) fell to 6,800-level on Monday taking cues from US markets, while the peso strengthened to 55.37 to the greenback.
‘Along with the Asian markets, the local bourse dropped by 69.97 points (1.01 percent) to 6,872.24 following the negative cues from Wall Street last Friday, while investors awaited the release of US inflation data this week,’ Philstocks Financial, Inc. assistant research manager Claire Alviar said.
All the sectoral counters closed in the red territory, with the biggest losses from Property, down by 2.70 percent.
This is followed by Industrial, down by 1.15 percent; along with Mining and Oil, 1.06 percent; Services, 0.84 percent; Holding Firms, 0.21 percent; and Financials, 0.12 percent.
‘Moreover, foreign investors weighed on the market performance, registering a net outflow of PHP277.68 million. The net market value turnover was weak at PHP3.46 billion, which was way lower than the year-to-date’s average of PHP4.71 billion,’ Alviar added.
Losers
outnumbered gainers at 125 to 62, with 53 counters maintained their shares.
Meanwhile, the Philippine peso closed stronger by PHP0.20 against the US dollar to 55.37 from a 55.57 finish at the end of last week.
It opened the day at 55.59, better from the previous trading day’s kick-off of 55.82 to a dollar.
The currency pair traded between 55.37 and 55.65, bringing the average level for the day to 55.51 against the greenback.
Foreign exchange volume declined to USD1.09 billion from USD1.21 billion during the previous trading.
Source: Philippines News Agency
