MANILA – Both the peso and the main stocks index weakened Monday ahead of major economic reports during the week.
The local currency finished the week’s first trading day at 50.595 to a dollar from 50.4 close last April 30. There was no trading last May 1 due to the Labor Day holiday.
It opened the day at 50.55, a drop from its 50.41 start in the previous session.
It traded between 50.62 and 50.54, resulting in an average of 50.576.
Volume totaled to USD349.35 million, lower than the USD906.8 million last Thursday.
The Philippine Stock Exchange index (PSEi) dropped by 2.26 percent, or 128.62 points, to 5,572.09 points.
Its negative close was mirrored by all the other indices, with All Shares down by 1.73 percent, or 59.53 points, to 3,386.30 points.
Holding Firms led the sectors with a decline of 2.90 percent, and was trailed by the Industrial, 2.34 percent; Financials, 2.07 percent; Mining and Oil, 1.81 percent; Property, 1.64 percent; and Services, 1.61 percent.
Volume totaled to 522.4 million shares amounting to PHP5.11 billion.
Losers led gainers at 150 to 46, while 34 shares were unchanged.
Regina Capital Managing Director Luis Limlingan said among the major data to be released this week are the March 2020 US factory orders and the initial jobless claims as of last week, while the Bank of England and the Norges Bank will have their policy meeting on Thursday.
In the Philippines, the April 2020 inflation report will be released on Tuesday, while the first-quarter gross domestic product (GDP) report will be announced on Thursday. (PNA)
