MANILA – Both the local stock barometer and the peso ended Monday sideways as investors stayed at the sidelines for developments this week.
The Philippine Stock Exchange index (PSEi) rose 0.08 percent, or 5.30 points, to 7,024.48 points.
All Shares increased by 0.37 percent, or 15.77 points, to 4,232.57 points.
Most of the sectoral gauges also finished the day up, led by the Financials index after it jumped by 2.60 percent.
It was followed by the Mining and Oil, 2.32 percent; Industrial, 0.55 percent; and Services, 0.03 percent.
On the other hand, Holding Firms went down by 0.53 percent and Property by 0.36 percent.
Volume totaled 29.55 billion shares amounting to PHP10.43 billion.
Gainers led losers at 122 to 99, while 44 shares were unchanged.
“Local shares traded slightly up as investors continued to make their bets ahead of the PSEi and MSCI rebalancing results, the anticipation of earnings releases and the BSP policy meeting outcome on Thursday,” Luis Limlingan, Regina Capital Development Corporation head of sales said.
For one, economists expect the policy-making Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) to keep key rates steady this week after cutting rates by 200 basis points last year given that real interest rates are now in negative territory.
However, some economists have also cited the need for additional monetary policy measures after inflation surpassed the government’s 2-4 percent target band until 2024 last January when it accelerated to 4.2 percent.
Meanwhile, the sideways finish of the main equities index was mirrored by the peso after it ended the day’s trade at 48.046 from 48.07 close last Friday.
It opened the day at 48.055 and traded between 48.06 and 48.04.
Average level for the day stood at 48.049.
Volume totaled to USD513.05 million, lower than the USD606.05 million in the previous session. (PNA)
