Rising tensions in the Middle East were said to have weighed on the peso on Monday and the stock market also fell as investors awaited third quarter earnings results.
The currency weakened by 7.9 centavos to P57.59 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) shed 9.10 points, or 0.12 percent, to 7,406.63.
The broader All Shares edged down 1.23 points, or 0.03 percent, to 4,080.29.
The peso opened at P57.45:$1 and ranged from P57.275 to P57.59. Volume fell to P1.339 billion from Friday’s P1.744 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened amid increased tensions in the Middle East
Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said the PSEi’s dip came as investors took “a cautious stance while waiting for new positive catalysts, primarily the corporate sector’s Q3 corporate results.”
He added that trading was “tepid” with net value turnover at P2.89 billion, below the year-to-date average of P5.20 billion.
“Foreigners were net buyers with net inflows amounting to P161.44 million,” Tantiangco continued.
Regina Capital Development Corp. Managing Director Luis Limlingan also said that “Philippine shares had a tepid start as equities [began] a new trading week with more earnings scheduled for release in the coming days.”
Sector indices were mixed with mining and oil up the most by 0.46 percent. Property was the biggest loser, slipping 0.23 percent.
Decliners outnumbered gainers, 113 to 104, while 53 were unchanged.
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