Manila - The Philippine Stock Exchange index (PSEi) and the local currency both recorded declines in Monday's trading session. The PSEi fell by 1.14 percent to close at 6,649.23 points, and the All Shares index also decreased by 0.68 percent to end at 3,605.33 points.
According to Philippines News Agency, a research associate at Philstock Financials, Inc., the local stock market's performance was muted due to a lack of strong market catalysts and anticipation of the Federal Reserve's upcoming meeting, which investors believe could influence the Bangko Sentral ng Pilipinas' decisions on interest rates. The day saw significant foreign investor withdrawal, with a net outflow of PHP 500.43 million. Alviar noted, "The market resistance is still pegged at 6,700-6,800, and it seems the market is struggling to break and stay above this level."
Sector-wise, Financials experienced the largest decline, dropping by 2.65 percent. This was followed by Mining and Oil, which decreased by 1.18 percent, Property by 0.90 percent, Services by 0.84 percent, and Holding Firms by 0.51 percent. Only the Industrial sector saw gains, modestly rising by 0.16 percent to close at 9,174.50 points.
On the currency front, the Philippine peso also saw a downturn, weakening by 0.16 to close at 58.51 against the US dollar, down from last week’s close of 58.35. Throughout the day, the peso fluctuated between 58.36 and 58.53, with an average level of 58.41 against the dollar. The trade volume for the peso on Monday totaled USD 924.41 million, a decline from Friday's USD 1.29 billion.