MANILA – The Philippine Stock Exchange index (PSEi) experienced a slight increase on Monday (14 Oct 2024), rising by 0.22% to close at 7,326.41, while the peso weakened against the dollar.
All sectoral indices, except for Services, which dipped by 0.49%, ended in positive territory. The Mining and Oil sector led the way with a 2.05% gain. “Philippine shares made minor gains as investors anticipate upcoming economic data and events that could influence market movements,” said Luis Limlingan, managing director of Regina Capital Development Corporation.
Key economic highlights for the week include the U.S. retail sales report scheduled for Thursday and speeches from several Federal Reserve officials, including Governors Waller and Kugler. On the local front, the Monetary Board will hold a policy meeting on October 16, coinciding with the release of August cash remittances data.
Market performance saw 128 gainers versus 73 decliners, with 54 stocks remaining unchanged. However, the peso closed weaker at 57.47 to the dollar, down from 57.21 last Friday. It opened the day at 57.28 and fluctuated between 57.26 and 57.50, with a weighted average of 57.367. Foreign exchange volume also dropped to USD 780.38 million from USD 1.32 billion in the previous trading session.
elami/mnm
