Stocks, peso slip ahead of economic data

General

The wait-and-see stance on the release of major economic data both here and overseas resulted in the negative close of the local stock barometer and the peso on Monday.

The Philippine Stock Exchange index (PSEi) shed 0.15 percent, or 10.17 points, to 6,721.08 points.

All Shares followed with a decline of 0.23 percent, or 8.31 points, to 3,596.83 points.

Most of the sectoral counters also finished the day in the negative territory, led by the Financials after it fell 1.18 percent.

It was trailed by Services, 0.67 percent; Mining and Oil, 0.43 percent; Property, 0.16 percent; and Holding Firms, 0.06 percent.

Only the Industrial index gained during the day after it rose by 1.06 percent.

Volume totaled 795.48 million shares amounting to PHP3.61 billion.

Decliners led advancers at 99 to 60, while 67 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said trading was low ahead of the holiday on Tuesday for the observance of the Muslims’ Feast of Ramadan or Eid al-Fitr.

He, however, said investors are also bracing ahead for major economic reports in the coming days, such as the US’ April jobs report and the domestic inflation rate along with the results of the May 3-4, 2022 meeting of the Federal Open Market Committee (FOMC)

“Wall St. awaits the FOMC’s statement on monetary policy this coming Wednesday when the Fed is expected to deliver a 50 bps (basis points) rate hike along with a hawkish message,” he added.

Meanwhile, the local currency weakened against the US dollar after it finished the day at 52.365 from the 52.19 close last Friday.

It opened the day at 52.25, an improvement from its 52.43 start in the previous session.

It traded between 52.4 and 52.22, resulting in an average of 52.297.

Volume declined to USD840.7 million from the previous session’s USD1.2 billion.

Source: Philippines News Agency

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