THE peso snapped an eight-day win streak and the stock market also ended a three-day rally to open the trading week.
The currency weakened by just over three and a half centavos to P57.316 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 34.44 points, or 0.52 percent, to close at 6,613.36 on Monday,
The broader All Shares also fell, by 9.7 points or 0.27 percent, to 3,598.54.
The peso opened at P57.299:$1 and ranged from P57.25 to P57.42. Volume narrowed to P1.181 billion from Friday’s P1.5 billion.
The day’s drop, Rizal Commercial Banking Corp. chief economist Michael Ricafort said, came as the dollar gained against major global currencies.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco, meanwhile, said the PSEi fell as investors took “a cautious stance while waiting for the BSP’s policy meeting set this week.”
“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 figures,” he added.
Regina Capital Development Corp. Managing Director Luis Limlingan said “Philippine investors kept to cash as many awaited the latest results of the MSCI rebalancing … while also waiting for the US to kick off their trading week.”
“Many will be making bets ahead of the BSP meeting on Thursday,” he added.
Almost all sector indices closed in the red with mining and oil down the moat by 1.72 percent. Services was the exception, gaining by 1.29 percent.
Decliners outnumbered gainers, 105 to 79, while 52 were unchanged.
Be the first to comment