MANILA – Risk-off sentiments resulted in the negative close of the Philippine Stock Exchange index (PSEi) Monday but the peso was almost unchanged against the US dollar.
The main equities index shed 1.81 percent, or 124.45 points, to 6,756.92 points.
All the other indexes also finished the trade in the negative territory, with the All Shares slipping by 1.90 percent, or 79.14 points, to 4,079.40 points.
The Financials index registered the biggest drop at 3.29 points and was followed by the Mining and Oil, 3.06 percent; Property, 2.59 percent; Industrial, 1.66 percent; Holding Firms, 1.29 percent; and Services, 0.49 percent.
Volume totaled 7.2 billion shares amounting to PHP9.85 billion.
Losers led gainers at 201 to 38, while 29 shares were unchanged.
“Local shares faltered as investors returned to the US market on the back of better-than-expected jobs report and the passing of another relief bill in the Senate –boosting hopes for a swift economic recovery,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The US Labor Department reported last week that new jobs in February reached 379,000, higher than the upwardly revised 166,000 in the previous month, resulting in the drop in unemployment rate to 6.2 percent.
Also, the US Senate approved its version of Phase 5 coronavirus relief bill which, however, gives fewer unemployment benefits and stimulus payment.
Meanwhile, the local currency ended the week’s first trading day at 48.561 against the greenback from its 48.56 close at the end of last week.
It opened the day at 48.55, better than its 48.66 start in the previous session.
It traded between 48.51 and 48.61, resulting in an average of 48.564.
Volume totaled to USD685.98 million, lower than the USD933.45 million last Friday. (PNA)
