The Philippine Stock Exchange index (PSEi) was up 11.21 points to 6,996.11, a 0.16 percent hike.
The broader all shares index was down 2.62 points to 3,723.96, a 0.07 percent drop.
Losers edged gainers 96 to 90 with 47 stocks unchanged. Trading turnover reached P3.66 billion.
The peso closed at 52.57 to the dollar, down from 52.03 last week.
The currencyopened at 52.15 and hit a high of 52.15 and a low of 52.29. Trading turnover reached $1.14 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso closed among its weakest in more than three weeks as global oil prices went up to a new two-week high, pushed by signals from Russia and Ukraine that talks are towards a dead-end and after some easing of lockdown measures in China, which is the world’s biggest importer of oil and other major global commodities.
“The peso (was) also weaker after the benchmark 10-year US Treasury yields went up to new three-year highs (since December 2018) above 2.80 percent levels amid more hawkish signals from Fed officials recently on supporting Fed rates to move towards neutral levels,” he said.
Most Asian currencies were subdued on Monday, as investors placed cautious bets coming out of a holiday-extended weekend, with a stronger dollar on looming aggressive United States rate policy tightening further hurting sentiment, Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors brace for a week of major first quarter US earnings reports ahead to map out their trading plan.
“ US equities closed lower on Thursday (last week) as they feared higher rates and inflation could darken the economic outlook for earnings. For this week, Wall St. also anticipates the release of a few key economic data including housing data estimates, jobless claims on Apr 21, 2022 and private sector PMIs on Apr 22, 2022,” he said.
Limlingan said Fed Chair Jerome Powell’s speaking engagement this week is expected to bring in more clarity as to how the Fed will.
