PHILIPPINE financial markets closed lower on Monday, tracking declines elsewhere amid renewed uncertainties following US President Joe Biden’s decision to bow out of the presidential race.
The peso weakened by four and a half centavos to P58.38 against the dollar, falling for a second day even as the dollar weakened slightly against major global currencies.
It opened at P58.4:$1 and ranged from P58.375 to P58.48, while volume narrowed to P859 million from Friday’s P979 million.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, snapped a four-day rally by shedding 79.64 points, or 1.17 percent, to 6,712.05.
The broader All Shares also fell, by 27.85 points, or 0.77 percent, to 3,599.98.
Philstocks Financials Inc. research associate Claire Alviar said the PSEi’s drop was due to investors taking profits while also awaiting President Ferdinand Marcos Jr.’s State of the Nation Address (SONA) later in the afternoon.
“Overseas, Asian peers were mostly in the red as investors digested President Joe Biden’s withdrawal from the 2024 presidential race,” Alviar added.
The property and mining and oil sectors were still able to post gains, rising by 0.66 percent and 0.24 percent, respectively. The service sector had the biggest loss, dropping by 2.61 percent.
Decliners outnumbered gainers, 107 to 72, while 60 were unchanged.
Be the first to comment