After posting gains the previous week, local shares yesterday inched down 0.87 percent.
The Philippine Stock Exchange index closed at 6,687.85, down by 58.48 points from Friday’s 6,746.33.
The all shares index was down by 0.61 percent or 22.03 points to settle at 3,591.21.
The peso closed slightly weaker at 52.27 to the dollar from Friday’s 52.23.
The currency opened at 52.22 and hit a high of 52.37 and a low of 52.15.
Volume amounted to $1.198 million.
“Local market retreated after last week’s gains as lack of market- moving news trigger(ed) profit-taking,” AB Capital Securities said.
Majority of the counters were in red, with the exception only of mining and oil which grew 0.62 percent.
Financials posted the biggest loss for the day with a decline of 1.81 percent.
Total value turnover was at P6.64 billion.
Decliners beat advancers, 113 to 72, while 58 stocks were unchanged.
Asian currencies came under pressure on Monday due to persistent concerns over inflation and global economic growth, though Singapore’s dollar bucked the trend as the city-state released data showing the fastest rise in core inflation in a decade.
Thailand’s baht, India’s rupee and the Philippine peso weakened 0.1 percent each, while the Singapore dollar earlier strengthened as much as 0.4 percent, to hit a two-and-a-half week high against a broadly weak US dollar.
The dollar traded heavily against major currencies, following its first weekly loss in nearly two months, as investors cut bets on further dollar gains from rising US rates. – With Reuters
