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Despite the US celebrating its Juneteenth holiday on Monday, the major index of the local stock exchange opened the week in the red. However, the peso rose against the US dollar.

To reach 6,450.34 points, the Philippine Stock Exchange index (PSEi) lost 0.89 percent or 58 points.

The performance of All Shares was then negative, falling 0.75 percent, or 25.87 points, to 3,441.24 points.

Most of the sectoral gauges also decreased during the day, with Holding Firms losing 1.32 percent to lead the way.

Property trailed by 1.09 percent; Industrial lagged by 1.01 percent, Services lagged by 0.43 percent, and Financials behind by 0.41 percent.

Only the Mining and Oil index increased after climbing by 0.95 percent during the day.

483.71 million shares, or PHP4.22 billion, were traded.

At 112 to 60, decliners outnumbered gainers, while 50 shares remained unchanged.

The usual stocks trading floor will be closed on June 19 to commemorate Juneteenth. Therefore Wall Street will be enjoying a shortened trading week today, according to Luis Limlingan, head of sales at Regina Capital Development Corporation.

On the local front, Limlingan stated that due to the continuing slowdown in inflation, investors anticipate another halt in the Bangko Sentral ng Pilipinas’ (BSP) rate hike cycle on Thursday.

The inflation rate decreased to 6.1 percent in May last year from a 14-year high of 8.7 percent in January.

As early as September of this year, according to BSP officials, this will slow within the government’s desired range of 2 to 4 percent.

While this was happening, Brent crude prices increased to USD76.61 per barrel, and West Texas Intermediate (WTI) prices increased to USD71.78 per barrel “as higher Chinese demand and OPEC+ supply cuts lifted prices.”

The peso increased in value about the US dollar and closed the day at 55.74 as opposed to its previous close of 55.86 after the previous week.

The price ranged from 55.97 to 55.7 and started the day at 55.845. For the day, the average level was 55.844.

Volume climbed from USD969.15 million the week before to USD1.11 billion.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), attributed the peso’s performance to anticipations of a second BSP rate hike pause on Thursday following the first pause in the Federal Reserve’s tightening step last week.

He said that the US dollar’s decline in value also helped the peso during the day.

He expects the currency pair to trade between 55.65 and 55.85 on Tuesday.

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