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The peso managed to end the day sideways versus the dollar despite the local stock gauge falling on the first trading day of this week due to the failure of two US banks and ongoing concerns about the banking industry.

At 6,451.02 points, the Philippine Stock Exchange index (PSEi) lost 0.29 percent or 18.7 points.

All Shares likewise finished in the red after dropping 7.61 points, or 0.22 percent, to finish at 3,456.66 points.

The majority of sectoral indices likewise ended in the red, with Financials leading the pack with a 1.65% decrease.

Services, Holding Companies, and Industrial all lagged behind it by a combined 0.38 percent, 0.15 percent, and 0.04 percent.

Nonetheless, the property increased by 0.86 percent, while mining and oil increased by 0.02 percent.

714.81 million shares, or PHP5.63 million, were traded.

99 shares were unchanged, compared to 73 shares that advanced.

“Local shares declined as investors drew back from holdings in First Republic and other bank shares amid persisting concerns over the status of the US banking industry,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

On the local level, Limlingan stated that all eyes are on the Bangko Sentral ng Philippines’ (BSP) Monetary Board’s (MB) decision during its rate-setting meeting on Thursday.

The MB is anticipated to increase the key rates of the central bank by 25 basis points.

The price of oil also decreased on the global market, “reversing early gains as banking sector jitters set crude oi course for its worst weekly fall in months,” according to Bloomberg.

West Texas Intermediate (WTI) and Brent crude oil futures both decreased by 2.1 percent to USD 73.11 and USD 66.92 per barrel, respectively.

In contrast, the peso closed flat against the US dollar at 54.675, down from last Friday’s close of 54.71.

It started the day at 54.65, an improvement over the previous session’s 54.75 openings.

It fluctuated between 54.7 and 54.58, averaging out to 54.653.

Volume dropped from USD 880 million at the end of last week to USD 861.05 million.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), the local unit closed the day at its lowest level since last February 10 as a result of the continuous problems in the US banking sector as well as the drop in global oil prices.

According to him, rising global risk aversion and daytime nett foreign purchasing caused the rate on the 10-year US Treasury to fall to a six-month low.

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