Manila: The peso stabilized on Monday but the benchmark Philippine Stock Exchange index (PSEi) declined as geopolitical tensions and elevated oil prices kept equity investors cautious. The local currency finished the week's first trading day at 62.586, almost unchanged compared to Friday's finish of 62.59. It opened the day at 62.62, better than its 62.43 start in the previous session. The peso traded between 62.77 and 62.58, bringing the day's average to 62.69. Volume reached USD1.19 billion, lower than the USD1.52 billion in the previous session.
According to Philippines News Agency, the local bourse's main index dipped 0.11 percent to 6,083.68 points, but the broader All Shares rose 0.04 percent to 3,378.95 points. "The local index closed lower as investors remained cautious amid the continued depreciation of the local currency against the greenback. Moreover, ongoing tensions surrounding Iran and US and elevated oil prices continued to weigh on market sentiment," Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Most of the sectoral gauges also finished in negative territory, led by the Property counter after it fell 0.38 percent. It was trailed by Financials which declined 0.31 percent; Services and Mining and Oil, both at 0.14 percent; and Holding Firms, 0.13 percent. Only the Industrial index gained during the day after rising 0.97 percent. Volume reached 699.78 million shares amounting to PHP3.89 billion. Decliners led advancers at 98 to 92, while 70 shares were unchanged.
