Local markets weaker as trading resumes

The Philippine peso started the four-day trading week weaker against the US dollar, in step with the main equities gauge, which also ended the session with losses.

The Philippine Stock Exchange index (PSEi) slipped by 1.23 percent, or 95.54 points, to 7,646.66 points, which a trader pointed to lack of leads in the domestic market after the mid-term polls on Monday, a holiday.

All Shares also fell 1.14 percent, or 54.72 points, to 4,736.54 points.

Most of the sectors also ended in the red, led by Financials, which fell 3.05 percent.

Holding Firms declined by 2.31 percent, Industrial by 0.72 percent, and Services by 0.03 percent.

On the other hand, Mining and Oil rose by 1.19 percent, and Property by 0.94 percent.

Volume totaled 919.8 million shares amounting to PHP11.95 billion.

Decliners led advancers at 140 to 57, while 37 shares were unchanged.

The local currency also ended the day at 52.435 from 52.12 on Friday last week.

The day’s session opened with the peso at 52.37 from 52.255 in the previous session. It traded between 52.45 and 52.345, resulting in an average for the day of 52.388.

Volume reached USD881.1 million, lower than the USD1 billion in the previous session.

The currency pair is seen to trade between 52.30 and 52.50 on Wednesday. (PNA)