MANILA – The Philippine Stock Exchange Index (PSEi) closed lower on the first trading day of the week, while the peso also weakened against the dollar.
The PSEi dropped by 1.58%, settling at 6,196.88, and All Shares fell by 1.13%, ending at 3,639.85. All sectors closed in the red, with the industrial sector posting the largest decline of 2.07%.
Philstock Financials research manager Japhet Tantiangco attributed the market’s downturn to investor caution ahead of the Philippines’ 2024 GDP data release and the upcoming Federal Reserve policy meeting, both scheduled for this week. He added that concerns over the country’s economic performance last year also weighed on investor sentiment.
Decliners outpaced advancers, 118 to 68.
Meanwhile, the peso ended at 58.435 against the dollar, slightly weaker than the previous close of 58.31. It traded within a range of 58.27 to 58.46 during the day, with a weighted average of 58.377. Trading volume slightly dropped to USD 1.52 billion from USD 1.56 billion.
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