MANILA – Risk-off sentiment reigned in the local bourse Monday resulting in the negative close of the main equities index, but the peso continued to keep its footing against the US dollar.
The Philippine Stock Exchange index (PSEI) shed 0.54 percent, or 35.05 points, to 6,459.76 points.
All Shares shed 0.31 percent, or 12.49 points, to 3,969.02 points.
Most of the sectoral counters also finished the day in the negative territory, led by the Holding Firms after it slipped by 0.60 percent.
Both the Industrial and the Property lost 0.52 percent, and the Services went down by 0.43 percent.
On the other hand, Mining and Oil rose by 1.02 percent and Financials by 0.02 percent.
Volume totaled 6.3 billion shares amounting to PHP4.89 billion.
Decliners led advancers at 119 to 81, while 47 shares were unchanged.
“Philippine shares closed in the red as investors continued to pile up stock in the US following the country’s strong earnings from the blue chips and sound economic data, supporting economic recovery,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
He also cited the drop in global oil prices following reports of continued rise of coronavirus disease (Covid-19) cases in several countries.
Last week, the price of Brent crude oil declined by 0.23 percent to USD66.77 per barrel while the price of US West Texas Intermediate (WTI) fell by 0.52 percent.
Meanwhile, the peso ended the day at 48.35 from 48.38 Friday last week.
It opened the trade at 48.36 and ranged between 48.425 and 48.35 during the day. Average level stood at 48.399.
Volume reached USD784.3 million, lower than the USD950.11 million at the end of last week. (PNA)
