Peso weakens as investors resort to profit-taking

MANILA, Philippines—The peso fell on the first trading day of the week as investors sold some of their portfolio assets to generate gains from the local currency’s rise last week.

Closing 5 centavos weaker than the finish of 40.61:$1 on Friday, the peso ended Monday’s trading at 40.66 against the greenback.

Intraday high hit 40.58:$1, while intraday low settled at 40.675:$1.

Volume of trade amounted to $538.6 million compared with $1.13 billion previously.

Traders said some investors resorted to profit-taking, encouraged by the rise of the local currency last week to its highest in nearly five years.

They said the peso might remain firm against the US dollar this year as the favorable sentiment on the Philippine economy would bring in more inflows, such as in the form of foreign portfolio investments and foreign investments in the country’s services sector.