Philippine Stock Market Dips as Investors Play it Safe, Peso Loses Ground

In Manila, the Philippine Stock Exchange index (PSEi) experienced a decline, reflecting a cautious approach among investors, while the peso also weakened at the start of the week’s trading. The PSEi dropped by 1.12 percent, closing at 5,993.48, and the All Shares index also fell by 0.50 percent to 3,611.16. According to Luis Limlingan, head of sales at Regina Capital Development Corporation, the local market began the week in negative territory, dipping below the 6,000 threshold despite remittances reaching a higher-than-expected USD3.38 billion. Most sectors saw declines, with the Property sector suffering the most significant drop at 3.06 percent. In contrast, the Mining and Oil sector, as well as the Services sector, saw gains of 2.70 percent and 0.51 percent, respectively. The market saw more stocks declining than advancing, with a ratio of 114 to 74, and 61 stocks remained unchanged. On the currency front, the peso ended the day at 58.03 against the dollar, a decrease from the previous Friday’s close of 57.83. The peso-dollar pair opened at 57.78 and fluctuated between 57.78 and 58.05 throughout the day, with an average rate of 57.92. Trading volume also saw a reduction, dropping to USD1.16 billion from USD1.66 billion.