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MANILA, Philippines — The Philippines’ major stock index ended the first trading day of Holy Week with a loss, as the peso remained flat against the US dollar, albeit at the 52-level.

To 6,988.29 points, the Philippine Stock Exchange index (PSEi) fell 0.42 percent or 29.73 points.

All other counters followed it, with the All Shares falling 0.30 percent, or 11.24 points, to 3,728.21 points.

The property experienced the largest decline of 0.74 percent among the sectors indexes, followed by Mining and Oil (0.65 percent), Industrial (0.47 percent), Holding Firms (0.39 percent), Financials (0.11 percent), and Services (0.08 percent).

With 882.34 million shares trading for PHP3.36 billion, the volume was light.

At 102 to 75, decliners outnumbered advancers, with 55 shares remaining unchanged.

“Philippine shares were quietly sold down during the abbreviated trading week since the market lacked substantial catalysts,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Because Maundy Thursday and Good Friday have been proclaimed holidays by Malacanang, there will be no trading on the latter two days of this week’s session.

“Sentiment didn’t get much of a boost either, as US shares lost ground for the week but ended neutral on Friday as investors awaited for Fed tightening,” Limlingan noted.

The local currency, on the other hand, concluded the week at 52.05, up from 51.59 the week before.

It started the day at 51.7 and fluctuated between 52.08 and 51.69 during the day. For the day, the average level was 51.91.

Volume was USD1.64 billion, up from USD1.1 billion the previous day.

Rizal Commercial Banking Corporation (RCBC) senior economist Michael Ricafort stated the local unit closed at 52.075, its lowest since March 29, 2022, “after the benchmark 10-year US Treasury yields again set new three-year highs.”

“Amid recent hawkish Fed(eral Reserve) indications that lead to higher US dollar vs. key global currencies to record highs in nearly two years,” he said, the debt paper exceeded the 2.70 percent levels.

This gain was balanced, he claimed, by a decline in oil prices on the international market to roughly USD95 per barrel, which was among its three-week lows.

“(The) peso (is) also weaker after US authorities warned that the battle in Ukraine might endure weeks or perhaps years,” he said, noting that the UN World Food Price Index had risen to a new all-time high in March.

The peso’s next resistance level, according to Ricafort, is around 52.20, while it is expected to trade between 51.95 and 52.15 to the US dollar on Tuesday.

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