philippine stocks closed The decline occurred on Monday due to selling pressure and further weakening of the peso against the dollar.
The benchmark Philippine Stock Exchange Index (PSEI) fell 0.9% or 54.26 points to close at 5,933.76, while the broader all-share index fell 0.73% or 26.38 points to 3,581.73.
It was the PSEI's worst finish in nearly seven months or since it closed at 5,822.85 on April 7.
AP Securities, Inc. “The market continued its decline after breaking below the key resistance level of $6,000 last week,” it said in a market note on Monday.
Louis A., head of sales for Regina Capital Development Corp. “The Philippine market declined by about 1% as selling pressure persisted throughout the trading session. The depreciation of the Philippine peso against the US dollar kept investors trading cautiously,” Limlingan said in a Viber message.
The peso fell 27.50 centavos to the dollar on Monday to close at P58.90 from P58.625 on Friday, extending its decline to the eighth consecutive session, data from the Bankers Association of the Philippines website showed.
This was a more than 10-month low for the peso as it was its weakest performance since ending at P59 on December 19, 2024, which was also its record low.
“In addition, today's market performance was also impacted by the earnings release of some companies,” Mr Limlingan said.
Listed companies releasing their financial results on Monday include lenders BDO Unibank, Inc., Union Bank of the Philippines, Inc. and Philippine National Bank.
All sectoral indices closed in the red. Mining & Oil fell 2.87% or 378.24 points to 12,796.37; Services fell 1.25% or 28.80 points to 2,272.66; The Financials fell 1.08% or 21.3 points to 1,948.20; Industrials fell 0.78% or 69.86 points to 8,796.55; The asset retreated 0.76% or 16.87 points to 2,198.93; And holding firms declined 0.53% or 26.06 points to 4,804.82.
Market breadth was negative as declines outweighed advances, 131 to 55, while 59 issues were unchanged.
Value turnover decreased to P18.77 billion on Monday, with 11.82 billion shares changing hands from Friday's P26.28 billion, with 2.89 billion issues traded.
Net foreign sales declined to P313.66 million on Monday from P648.37 million on Friday.
Meanwhile, global stocks rose on Monday as signs of easing trade tensions between China and the US boosted investors' sentiments, Reuters reported. Top Chinese and US economic officials met on Sunday with US President Donald J. The outline of a trade deal is set for Trump and his Chinese counterpart Xi Jinping to decide on at a meeting in South Korea later this week.
That led to a sharp rise in stocks in Asia, with indices in South Korea, Taiwan and Japan reaching record highs. The euphoria spread to Europe, where stocks across the board rose modestly, pushing the STOXX 600 up 0.1% to a record high. , agc magno with reuters
