MANILA – Philippine shares fell while the peso held steady around 58 to the dollar on Monday (04 Nov 2024).
The Philippine Stock Exchange index (PSEi) dropped 6.86 points to close at 7,136.10, with the All-Shares index down 5.55 points to 3,951.66.
“Market attention is focused on the upcoming U.S. elections and the Federal Reserve’s policy meeting,” noted Luis Limlingan, managing director of Regina Capital Development Corporation. “Any hints from the Fed about rate changes could influence market sentiment.”
This week’s local economic calendar is busy: October’s S&P Global Manufacturing PMI was released today, followed by inflation data on Tuesday. Wednesday will bring updates on employment, trade balance, and industrial production, and the week wraps up with third-quarter GDP growth figures and foreign exchange reserves on Thursday.
Most sectors ended in the red, with Mining and Oil leading the decline, down 167.12 points. Decliners outnumbered advancers 107 to 76.
The peso closed at 58.34 to the dollar, slightly down from 58.10 last Thursday. It opened at 58.27 and fluctuated between 58.15 and 58.36, with a daily weighted average of 58.238. Trading volume reached USD 1.1 billion. The markets were closed on Nov. 1 for All Saints’ Day.
ia/mnm
