Manila: Selling pressures resulted in the continued decline of the Philippine Stock Exchange index on Monday amid local concerns, and the peso weakened further against the US dollar even after touching the 57-level mid-trade. For the sixth consecutive trading day, the local bourse’s main index ended on the red, after it slipped by 0.49 percent to 5,997.60 points, and the All Shares by 0.23 percent.
According to Philippines News Agency, most of the sectoral indices gained during the day, except for Services, which declined by 1.58 percent, and Financials, 1.23 percent. The Mining and Oil sector index led the gainers after it rose 5.32 percent, and was followed by Industrial, 0.90 percent; Holding Firms, 0.31 percent; and Property, 0.01 percent. Volume reached 1.37 billion shares, amounting to PHP4.72 billion. Decliners surpassed advancers at 106 to 100, while 58 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, commented, ‘The PSEi fell below the 6,000-mark as prices continued to decline despite last week’s all-red performance. Selling pressure remains strong, with the market still lacking any positive catalyst.’ He added that the ongoing uncertainties in the country and the continued depreciation of the peso against the US dollar are dampening confidence among both local and foreign investors.
The local currency finished the day’s trade at 58.14 against the greenback from its 58.1 close at the end of last week. It opened the week’s first trading session at 58, better than its 58.28 start last Friday. It traded between 58.16 and 57.94, resulting in an average of 58.04. Volume inched up to USD1.47 billion from USD1.38 billion previously.