Article by:
Joann Villanueva
MANILA – Investors remained cautious amid the ongoing Middle East conflict, dragging both the local bourse’s main index and the peso lower on Monday.
The Philippine Stock Exchange index (PSEi) fell 0.86 percent to 6,006.55, while the broader All Shares index declined 1.20 percent to 3,341.69.
Only the Services index posted gains, rising 0.17 percent. Mining and Oil led the decliners after dropping 4.58 percent, followed by Industrial, 2.57 percent; Property, 1.29 percent; Holding Firms, 1.03 percent; and Financials, 0.64 percent.
Volume reached 3.3 billion shares valued at PHP9.53 billion. Decliners outnumbered advancers 153 to 53, while 53 shares were unchanged.
"The PSEi ended barely above the 6,000 mark, extending last week’s selloff amid cautious sentiment, driven by elevated oil prices and ongoing Middle East tensions," Luis Limlingan, head of sales at Regina Capital Development Corporation, said.
"The market remained pessimistic even after the central bank stepped in to support the peso, keeping traders defensive and wary of further downside if key support levels give way in the near term.”
The peso also weakened, closing at 59.87 against the US dollar from 59.73 on Friday.
It opened lower at 59.71 from the previous session’s 59.55, and traded between 59.70 and 59.95, with an average of 59.87.
Trading volume reached USD1.81 billion, down from USD2.23 billion at the end of last week. (PNA)
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