MANILA – The Philippine Stock Exchange index (PSEi) and peso both closed Monday’s trading weak.
The PSEi finished at 6,937.96, down by 12.55 points.
All shares were higher from previous trading at 4,244.61, gaining 15.03 points.
Appetite for Mining and Oil shares remained high as it gained 128.55 points to 9,450.94 index.
Regina Capital Development Corporation head of sales Luis Limlingan said prices for oil in the global market went up last week on expectations of higher demand, while oil producing countries were also cautious in returning more supply to the market.
Industrials index also ended the day 95.11 points higher to 9,637.51, while Holding Firms gained 12.08 points to 6,943.37.
Counters of Property shed 11.50 points to 3,404.11, Financials lost 11.26 points to 1,489.11, and Services went down 6.10 points to 1,577.45.
“Philippine shares traded sideways as investors prepare for the window dressing by rebalancing portfolios ahead of the close of the semester. Moreover, many are turning their attention to the release of ISM manufacturing data, unemployment rate, and trade balance, among others. Many are also betting that the current heightened inflation will only be temporary as the economy continues to traverse its path to recovery,” Limlingan added.
The local bourse traded a total volume of 1.59 billion amounting to PHP5.35 billion.
Gainers exceeded losers at 107 to 96, with shares of 43 listed firms remaining unchanged.
Meanwhile, the peso shed at the start of the week closing Monday at 48.64 to a dollar.
It shed 16 centavos from Friday’s closing of 48.48 to a dollar.
The local currency opened strong at 48.50 to dollar, trading between the same level and 48.68.
Total traded volume reached USD999.3 million. (PNA)
