PSEi loses more ground

Local stocks continued to lose ground on the first day of the trading week, amid the absence of exciting catalysts, coupled with the weakening of the peso against the greenback.

The Philippine Stock Exchange Index (PSEi) on Monday fell by 0.85 percent, or 51.78 points, to end at 6,057.43.

The broader All Shares Index also slid by 0.41 percent, or 15.02 points, to 3,670.57.

Most of the key sectors posted losses, with only services and industrial finishing stronger.

Banks, in particular, witnessed the biggest loss at 2.43 percent.

“The local market declined on its first day of the week, weighed by the weakness of the Philippine Peso against the US dollar,” said Japhet Tantiangco, head of research at Philstocks Financial Inc.

Based on data from the Bankers Association of the Philippines, the peso traded in the P57 level.

“The lack of a local positive catalyst also caused investors to exit the market,” he added.

See Also

BIZ BUZZ: Fabian Dee named best bank CEO in PH

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., meanwhile, said the market’s performance continued to be spoiled by “political noises,” especially about flood control projects and corruption.

The market closed with 84 gainers, 117 decliners, and 53 remained unchanged.

Converge ICT Solutions, Inc. was the day’s top index gainer, gaining 6.43 percent to P11.92 per share. DigiPlus Interactive Corp. was the main index laggard, falling 7.04 percent to P18.50 each.