PSEi slightly up, peso weakens

INQUIRER FILES

MANILA, Philippines – The local stock market rebounded on Monday, while the peso closed weaker against the dollar.

The Philippine Stock Exchange index (PSEi) went up by 0.22 percent to 7,326.41 while All Shares also rose 0.24 percent to 4,024.72.

Except for Services which declined by 0.49 percent, all sectoral indices closed in the green, led by Mining and Oil which went up by 2.05 percent.

“Philippine shares made minor gains as investors gear up for another week of fresh economic data and events that will drive price action movement,” Regina Capital Development Corporation managing director Luis Limlingan said.

Limlingan said that for this week, the key US economic event to watch is the retail sales report, scheduled for release on Thursday.

“Additionally, several Federal Reserve officials will be speaking throughout the week, with Governors Waller addressing audiences on both Monday and Friday, and Governor Kugler scheduled for Tuesday,” he said.

“Locally, the Monetary Board will hold its policy-setting meeting on October 16, coinciding with the release of August cash remittances data.”

Gainers outnumbered decliners at 128 to 73, leaving 54 unchanged.

The peso, meanwhile, closed weaker at 57.47 to a dollar on Monday from 57.21 last Friday. It opened the day at 57.28 and traded between 57.26 to 57.5, bringing the weighted average of the day to 57.367.

Foreign exchange volume fell to USD780.38 million from USD1.32 billion during the previous trading.