Manila: The local stock market fell on the first trading day of the week amid cautious investor sentiment, while the peso closed almost flat. The Philippine Stock Exchange index (PSEi) declined by 0.71 percent to 5,901.15 while All Shares also slipped 0.51 percent to 3,335.13.
According to Philippines News Agency, sectoral indices were mixed with Mining and Oil, Industrial, and Services closing in the green. On the other hand, Financials, Holding Firms, and Property declined by 1.16 percent, 1.74 percent, and 0.62 percent, respectively. Decliners led advancers at 107 to 86, leaving 56 counters unchanged.
Luis Limlingan, head of sales at Regina Capital Development Corp., stated, "The PSEi started the week in the red as market sentiment remained cautious amid continued peso depreciation and renewed increases in crude oil prices. These developments fueled concerns over rising inflationary pressures, prompting fears of possible additional rate hikes by the central bank." He added that investors stayed on the sidelines, weighing macroeconomic risks against near-term growth prospects.
Meanwhile, the peso closed at 60.71 to a dollar on Monday from 60.7 the previous trading day. It opened at 60.65 and traded between 60.6 to 60.8, bringing the day's average to 60.68. The volume of trade rose to USD1.41 billion from USD1.38 billion last Friday.
