PSEi loses more ground
MANILA, Philippines – Local stocks continued to lose ground on the first day of the trading week, amid the absence of exciting catalysts, coupled with the weakening of the peso against the greenback.
The Philippine Stock Exchange Index (PSEi) on Monday slipped by 0.85 percent, or 51.78 points, to end at 6,057.43.
READ: Asian markets fluctuate at end of tough week
The broader All Shares Index also slid by 0.41 percent, or 15.02 points, to 3,670.57.
Most of the key sectors posted losses, with only services and industrial finishing stronger.
Banks, in particular, witnessed the biggest loss at 2.43 percent.
“The local market declined on its first day of the week, weighed by the weakness of the Philippine Peso against the US dollar,” said Japhet Tantiangco, head of research at Philstocks Financial Inc.
Based on data from the Bankers Association of the Philippines, the peso traded in the 57 vs $1 level.
“The lack of a local positive catalyst also caused investors to exit the market,” he added.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., meanwhile, said the market’s performance continued to be spoiled by “political noise,” especially about flood control projects and corruption.
The market closed with 84 gainers and 117 decliners with 53 unchanged.
Converge ICT Solutions, Inc. was the day’s top index gainer, gaining 6.43 percent to P11.92 per share. DigiPlus Interactive Corp. was the main index laggard, falling 7.04 percent to P18.50 each. INQ
