MANILA – The local stock barometer closed in the negative territory on Monday ahead of the Bangko Sentral ng Pilipinas (BSP) Monetary Board meeting while peso ended almost flat.
The Philippine Stock Exchange index (PSEi) lost 34.44 points, or 0.52 percent, ending this day’s trading at 6,613.36 level.
All Shares also closed 0.27 percent lower to 3,598.54.
“Investors took a cautious stance while waiting for the BSP’s policy meeting set this week (on Thursday). Investors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and GDP (gross domestic product) figures,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said.
Except for Services, which gained 1.29 percent, the rest of the counters closed in the red.
The biggest losses came from Mining and Oil counter, down by 1.72 percent; Holding Firms contracted by 1.52 percent; Financials declined by 0.60 percent; Property decreased by 0.52 percent; and Industrial, down by 0.28 percent.
“Trading was tepid with net value turnover registering PHP3.52 billion, below the year-to-date average of PHP4.90 billion per day as many stayed out amid the uncertainties,” Tantiangco added.
Losers led winners at 105 to 79, with 52 left unchanged.
Meanwhile, the peso closed sideways against the US dollar finishing at 57.32 from Friday’s 57.28 to a dollar.
The local currency opened the day stronger at 57.30 from last week’s kick-off at 57.45 before trading between 57.25 and 57.42.
The average level of exchange rate for the day settled at 57.33 to the greenback.
Trade volume declined to USD1.18 billion from last week’s USD1.5 billion. (PNA)
