MANILA – The local stock market ended the first trading day of the week in the positive territory, closing just slightly below the 7,000-mark on Monday, while the peso closed weaker than the US dollar.
The Philippine Stock Exchange index (PSEi) closed at 6,984.25, up by 48.16 points.
All Shares also rose by 25.19 points to 3,778.05.
"The local market rose this Monday by 0.69% to 6,984.25 as investors cheer the prospects of further rate cuts by the Bangko Sentral ng Pilipinas," Philstocks Financial research manager Japhet Tantiangco said.
"This comes on the back of the favorable inflation figures seen for August and the increasing likelihood of the Federal Reserve starting with their monetary easing in their policy meeting next week."
The banks led the sectors adding 1.36 percent.
The miners, on the other hand, lost the most, declining by 0.83 percent.
Decliners edged advancers, 104 to 96.
Meanwhile, the peso depreciated, closing at 56.52 to a dollar from the 55.90 finish last Friday. It opened at 56.2.
The currency pair traded between 56.2 to 56.52, bringing the average level for the day at 56.29.
Volume of trade went down to USD1.2 billion from USD1.5 billion. (PNA)
