Manila: The Philippine Stock Exchange index (PSEi) experienced a downturn on Monday as investors engaged in profit-taking activities. Meanwhile, the local currency showed improvement, strengthening to the 56-level against the US dollar.
According to Philippines News Agency, the main equities index decreased by 0.43 percent, settling at 6,288.88 points, with the broader All Shares index also declining by 0.27 percent to 3,741.11 points. Among the sectors, half ended in negative territory, including Financials which dropped by 1.46 percent, Holding Firms by 0.32 percent, and Property by 0.19 percent.
Conversely, some sectors showed gains, with Mining and Oil rising by 3.40 percent, Industrial by 0.16 percent, and Services by 0.15 percent. Trading volume reached 746.65 million shares, with a total value of PHP6.2 billion. The market saw more decliners than advancers, with figures standing at 105 to 85, while 63 shares remained unchanged.
Market analyst Luis Limlingan from Regina Capital Development Corporation noted that the market seems to be in a consolidation phase, with investors likely awaiting further news for clearer direction.
Meanwhile, the peso appreciated against the US dollar, closing at 56.96 from the previous Friday's 57.06. It opened the day at 57.05, trading within a range of 57.14 and 56.96, with an average rate for the day at 57.06. The trading volume for the peso fell to USD1.5 billion from USD2.1 billion last week.
