NextGen Day

Because of the Martin Luther King (MLK) Jr. holiday in the United States, the Philippine Stock Exchange index (PSEi) and the peso both concluded Monday lower.

The main index fell 0.52 percent, or 37.51 points, to 7,223.83 points, with the majority of the counters on the local exchange closing in the red.

The Dow Jones Industrial Average fell 0.26 percent, or 10.06 points, to 3,845.24 points.

The Financials fell 0.80 percent, Property 0.74 percent, Industrial 0.55 percent, and Holding Firms 0.31 percent, while most of the sectoral gauges tracked the main index.

The Mining and Oil index, on the other hand, increased by 2.30 percent, while the Services index increased by 0.31 percent.

A total of 1.13 billion shares worth PHP5.8 billion were traded.

At 104 to 78, decliners outnumbered advancers, with 61 shares remaining unchanged.

“With the US market closed for Martin Luther King Jr. a day later and following the trend driven by a selloff in tech sectors, Philippine equities began the week on the downside,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

He attributed the Nasdaq’s selloff, which came after a three-day gain, to “increasing interest rate anxieties.”

Meanwhile, the local currency depreciated against the US dollar, falling to 51.255 from 51.11 on Friday.

It opened at 51.25 and fluctuated between 51.34 and 51.225 throughout the first trading session of the week.

For the day, the average level was 51.278.

Volume hit USD820.9 million, up from USD760.5 million in the previous session.

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