Manila: Local shares started the week strong while the peso closed flat on Monday. The Philippine Stocks Exchange index (PSEi) gained 0.19 percent to 6,306.19 points, with All Shares inching up by 0.03 percent to 3,722.82. Among sectoral indices, only Services and Holding Firms ended in the green territory, with shares higher by 1.57 and 0.41 percent, respectively. Losers were Mining and Oil, down by 0.65 percent; Property, 0.60 percent; Industrial, 0.36 percent; and Financials, 0.26 percent.

According to Philippines News Agency, the PSEi improved on the back of the Bangko Sentral ng Pilipinas report that overseas Filipino remittances in January 2025 increased by 2.9 percent to USD3.24 billion from USD3.15 billion in January of the previous year. 'Philippine shares built on the sentiment from Friday, managing to close above the 6300 level,' Regina Capital Development Corp. head of sales Luis Limlingan said.

'Meanwhile, this week in the US, the key economic event is the Fed's interest rate decision and the release of the FOMC's (Federal Open Market Committee) economic projections. These offer valuable insights into the Fed's outlook on inflation, economic growth, and the likely direction of future monetary policy,' he said. 'Locally, important data releases include January's cash remittances (March 17) and the budget balance (March 18), which may offer insights into government investment patterns and cash inflows.'

Winners slightly led losers at 94 to 92, leaving 59 counters unchanged. Meanwhile, the peso closed sideways Monday at 57.30 to the US dollar from 57.25 last Friday. The local currency opened strong at 57.20 from a 57.35 kick-off in the previous trading day. The peso and dollar traded between 57.18 and 57.31, bringing the average level for the day to 57.25 to the greenback. Trade volume fell to USD1.02 billion from USD1.39 billion on Friday.