Investors stayed at the sidelines Monday ahead of the earnings season, resulting in the drop in the Philippine Stock Exchange index (PSEi), and the peso weakened against the U.S. dollar.
Both the main equities and the broader indices shed 0.09 percent to 6,084.07 points for the PSEi and 3,661.92 points for the All Shares.
Most of the sectoral gauges also finished in the red, led by the Mining and Oil after it slipped 2.54 percent.
It was followed by the Services, 0.61 percent; Financials, 0.56 percent; and Holding Firms, 0.11 percent.
On the other hand, Property rose by 0.55 percent and Industrial by 0.28 percent.
Volume reached 1.86 billion shares amounting to PHP3.65 billion.
Decliners led advancers at 122 to 75 while 50 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said the PSEi went down “as the market remained cautious ahead of the earnings season.”
“However, early in the trading day, some buying pressure emerged as uncertainty from the US eased after President (Donald) Trump signaled a possible tariff cut,” he added, referring to Trump’s statement ahead of his meeting with Chinese President Xi Jinping in South Korea during the APEC Summit later this month.
Relatively, the local currency finished the trade at 58.17 against the U.S. dollar from its 58.16 close Friday last week.
Its weakness showed early after the local unit opened the day at 58.19 from 58.02 in the previous session.
It traded between 58.19 and 58.06, bringing the day’s average to 58.13.
Volume reached USD1.13 billion from USD1.43 billion at the end of last week.*PNA
