MANILA – The Philippine Stock Exchange index (PSEi) started the week in the negative territory due to lack of data releases both here and in the United States, while the peso depreciated to the 50-level against the greenback.
The local stock barometer shed 0.79 percent, or 54.95 points, to 6,857.90 points.
All Shares followed with a contraction of 0.69 percent, or 29.51 points, to 4,266.33 points.
Most of the sectoral indexes also fell during the day with the Mining and Oil declining by 2.64 percent; Property, 1.41 percent; Financials, 1.40 percent; Industrial, 1 percent; and Holding Firms, 0.82 percent.
Only the Services index gained during the day after it rose by 0.51 percent.
Volume totaled 2.29 billion shares amounting to PHP7.23 billion.
Decliners led advancers at 165 to 42, while 36 shares were unchanged.
“Philippine shares were off to a slow start Monday as no economic data releases are on the schedule here and in the US,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
However, he said the US housing and jobs data are set to be released on Sept. 21 and 22, respectively, while the Federal Reserve will have its meeting on Sept. 23 to discuss policies.
“The investors have been anticipating this meeting as the market expects it would give more color on the timing of the Fed’s planned scaling back of its asset purchases,” he added.
On the domestic front, the Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) will have its rate setting meeting on Thursday.
It is widely expected to hold rates steady to help in the economic recovery.
Meanwhile, the peso weakened against the US dollar after closing the week’s first trading day at 50.24 from 49.95 last Friday.
It opened the day at 50.08 and traded between 50.24 and 50.05.
Average level for the day stood at 50.152.
Volume totaled to USD1.117 billion, higher than the previous session’s USD871.75 million. (PNA)
