MANILA – Along with other Asian indices, the Philippine Stock Exchange index (PSEi) plummeted by 170.57 points in Monday’s trading as jobs data in the United States disappointed investors.
PSEi dropped 2.58 percent to 6,434.73, with All Shares also declining by 2.24 percent to 3,516.47.
“Together with other Asian markets, the local bourse closed at 6,434.73, tumbling by 170.57 points (2.58 percent) as the disappointing jobs report raised fears that the Federal Reserve's decision to keep interest rates unchanged could lead to a recession in the US,” Philstock Financials, Inc. research associate Claire Alviar said.
“In Asia, Japan’s Nikkei has erased all its gains this year and is now trading at a loss year-to-date, while South Korea’s Kospi briefly halted trading after triggering circuit breakers,” she added.
The local inflation outlook also dampened investor sentiment as it could be higher than the 2 to 4 percent target of the government.
Moreover, all sectors closed in the red territory, with the biggest losses as much as 3.53 percent at the Industrial counter.
Decliners outnumbered winners at 175 to 34, leaving 45 unchanged.
Meanwhile, the Philippine peso returned to the 57-level on Monday.
The peso closed at 57.90 to a US dollar from last week’s finish of 58.08 to a dollar.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso is at its strongest since May 17, 2024.
The peso opened the day at 57.85 from 58.30 to a dollar.
It traded between a low of 57.68 to a high of 57.92, bringing the average level at 57.84 to the greenback.
Trade volume increased to USD1.75 billion from USD1.36 billion last week. (PNA)
