MANILA – The Philippine Stock Exchange index (PSEi) closed lower on Monday (11 Nov 2024), and the peso weakened as investors reacted to disappointing foreign direct investment (FDI) data.
The PSEi dropped by 0.53% to 6,940.01, while the All Shares index fell 0.43% to 3,867.02. According to Luis Limlingan, Managing Director of Regina Capital Development Corporation, the downturn was largely driven by the latest FDI figures from the Bangko Sentral ng Pilipinas (BSP). The BSP reported that FDIs fell by 14.5% year-on-year to USD813 million in August, suggesting caution among foreign investors.
All sectoral indices, except for Financials, ended the day in negative territory, with Mining and Oil leading the declines, down 2.61%. Decliners outnumbered gainers, 118 to 70.
Meanwhile, the peso depreciated against the dollar, closing at 58.595, compared to Friday’s 58.26. It opened at 58.45 and fluctuated between 58.45 and 58.64 during the session. The day’s average exchange rate stood at 58.547.
Trading volume also fell to USD1.31 billion, down from USD1.40 billion the previous session.
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