Peso weakens, stocks end sideways ahead of US data releases

Peso weakens, stocks end sideways ahead of US data releases

MANILA – The Philippine Stock Exchange index (PSEi) ended Monday sideways as investors awaited economic data releases from the United States while the peso weakened against the US dollar.

The main equities index shed 0.03 percent, or 2.37 points, to 6,968.14 points.

All Shares rose by 0.05 percent, or 2.07 points, to 4,304.86 points.

Most of the sectoral indexes ended on the negative with the Property index rising 0.72 percent; Mining and Oil, 0.51 percent; Holding Firms, 0.37 percent; Financials, 0.36 percent; and Industrial, 0.15 percent.

Only the Services index gained among the sectoral gauges with a jump of 1.56 percent.

Total volume reached 1.75 billion shares amounting to PHP5 billion.

Decliners led advancers at 119 to 76, while 49 shares were unchanged.

“Philippine shares traded quietly as investors are awaiting the release of the US inflation rate on Tuesday and the retail sales report on Thursday,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Meanwhile, the peso weakened against the US dollar after closing the day at 49.975 from its 49.865 finish last Friday.

It opened the day at 49.97 and traded between 49.95 and 50.07.

The average level for the day stood at 50.005.

Volume totaled USD843.45 million, higher than the previous session’s USD774.19 million. (PNA)

Leave a Reply