NextGen Day

The local stock market experienced a dip on Monday due to profit-taking, while the peso remained relatively unchanged amid hawkish signals from Bangko Sentral ng Pilipinas (BSP) officials.

The Philippine Stock Exchange index (PSEi) slipped to 6,550.76, shedding 74.03 points during the day’s trading.

All counters ended in the red, with All Shares closing at 3,493.64, slipping by 22.17 points.

Holding Firms recorded the largest losses, down by 107.99 points to 6,362.78. This was followed by Industrial, down by 65.53 points to 9,304.02; Mining and Oil, down by 33.24 points to 9,985.55; Financials, down by 15.63 points to 1,924.20; Property, down by 8.21 points to 2,633.11; and Services, down by 6.73 points to 1,574.83.

The total volume of shares traded reached nearly 555 million, valued at PHP2.99 billion. Decliners outnumbered gainers at 94 to 85, while 56 shares remained unchanged.

According to Regina Capital Development Corp. head of sales Luis Limlingan, the Philippine shares experienced a slight retracement during the session due to profit-taking following past rallies in the exchange. In contrast, the US equities soared, fueled by the positive 2023 performances of banks and moderated inflation.

Meanwhile, the Philippine peso moved sideways, closing at 54.38 to a dollar on Monday, slightly changing from last week’s close of 54.40.

The currency pair opened at 54.44 from Friday’s start at 54.45 to the greenback. Throughout the trading day, it fluctuated between a low of 54.30 and a high of 54.51, with the average level at 54.42.

The trade volume declined to USD 977.4 million on Monday’s trading, compared to the end of last week’s USD 1.15 billion.

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