THE peso edged up on Monday but stayed in P56 to the dollar territory while the stock market plunged over two percent with investors said to be cautiously awaiting the release of September inflation data later this week.
The currency strengthened by 4.7 centavos to close at P56.03:$1, partially erasing Friday’s 11.2-centavo slide. It also opened at P56.03 and ranged from P55.93 to P56.075.
Volume narrowed to P1.295 billion, down from Friday’s P1.469 billion.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, shed 155.65 points, or 2.10 percent, to end the day at 7.272.65. The broader All Shares also fell, by 51.75 points or 1.30 percent, to 3918.68.
Japhet Tantiangco, research manager at Philstocks Financial Inc., said “investors decided to book gains as the market has already been on a four-week rally.”
“The market also took a cautious stance while waiting for economic data this week, primarily the Philippines’ September inflation rate,” he added.
Tantiangco noted that trading was still active with net value turnover at P6.24 billion, still higher than the year-to-date average of P5.19 billion.
“Foreigners were net buyers with net inflows amounting to P87.71 million,” he added.
All sector indices closed in the red with holding firms down the most by 2.84 percent.
Decliners outnumbered gainers, 115 to 93, while 45 listed firms were unchanged.
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