Philippine Stocks Stagnant, Peso Gains Ground Against Dollar

In Manila, the Philippine stock market concluded the day with minimal changes, while the peso saw a notable appreciation against the US dollar. The Philippine Stock Exchange index (PSEi) experienced a slight decline of 0.03 percent, closing at 6,095.97. Similarly, the All Shares index dropped by 0.14 percent to 3,655. According to Luis Limlingan, head of sales at Regina Capital Development Corp., the local market’s lackluster performance was influenced by the Bangko Sentral ng Pilipinas’ decision to cut the reserve requirement ratio, which was counteracted by a sell-off in the US market the previous Friday. On the currency front, the peso closed at 57.80 against the dollar, a stronger position compared to its previous close of 57.94. Throughout the day, the peso fluctuated between 57.77 and 57.95, starting at 57.9 and ending with a weighted average of 57.86. Trading volume decreased to USD1.17 billion from USD1.33 billion.