Manila: The Philippine stock market saw a slight increase on Monday, while the peso experienced a decline against the dollar. The Philippine Stock Exchange index (PSEi) rose by 0.22 percent to close at 7,326.41, and the broader All Shares index increased by 0.24 percent to 4,024.72. However, the Services sector underperformed, dropping by 0.49 percent. In contrast, the Mining and Oil sector led the gains with a substantial rise of 2.05 percent.
According to Philippines News Agency, Regina Capital Development Corporation’s managing director, Luis Limlingan, commented on the market’s performance, stating, “Philippine shares made minor gains as investors gear up for another week of fresh economic data and events that will drive price action movement.” He highlighted the upcoming US retail sales report due for release on Thursday and speeches by several Federal Reserve officials throughout the week as potential influences on market behavior.
Limlingan also noted significant local events, including the Monetary
Board’s policy-setting meeting scheduled for October 16, which will coincide with the release of August’s cash remittances data. In the trading session, gainers outnumbered decliners 128 to 73, with 54 stocks remaining unchanged.
The peso weakened, closing at 57.47 to a dollar, down from 57.21 last Friday. It began the day at 57.28 and fluctuated between 57.26 and 57.5. The day’s trading saw a decrease in foreign exchange volume, dropping to USD780.38 million from USD1.32 billion in the previous session.