Manila: Local shares declined amid the escalating tension between Iran and Israel while the peso closed weaker against the dollar on Monday. The Philippine Stock Exchange index (PSEi) fell 0.58 percent to 6,358.58, while All Shares also declined by 0.44 percent to 3,768.45.
According to Philippines News Agency, "Philippine markets started the week in the red following the escalating conflict between Israel and Iran, which rattled investors over the weekend. Meanwhile, many will be focusing on a new batch of data and meetings that could dictate price action movement," Regina Capital Development Corp. head of sales Luis Limlingan said.
Limlingan noted that in the US, markets will focus on Tuesday's retail sales and industrial production data, followed by Thursday's Fed rate decision and projections, with Powell's remarks likely to guide rate expectations. In the Philippines, Thursday's BSP rate decision will be closely watched amid easing inflation and potential policy easing.
The miners led the sectors during Monday's trading, growing by 1.58 percent. Holding Firms and Property lost the most, shedding 1.19 percent. Decliners outnumbered gainers at 110 to 88.
The peso, meanwhile, weakened, closing at 56.41 from 56.21 last Friday. It opened at 56.25 and traded between 56.25 to 56.61. The weighted average of the day was 56.43. Volume of trade declined to USD1.30 billion from USD1.71 billion.
