MANILA – The local stock barometer declined on Monday due to profit taking, while the peso moved sideways.
The Philippine Stock Exchange index (PSEi) shed 13.14 points to 6,398.77 while the broader All Shares also declined by 7.19 points to 3,479.47.
"The local bourse dropped by 13.14 points (0.20 percent) to 6,398.77 due to profit taking after five consecutive days of market rally. The market also failed to stay above the 6,400 level," Philstock Financials, Inc. research associate Claire Alviar said.
"Many investors remained on the sidelines, given the weak market participation with a net market value turnover at PHP3.20 billion, as they awaited the inflation data for June. This data is crucial for the Bangko Sentral ng Pilipinas’ decision on interest rates," Alviar added.
Except for the banks which rose 0.12 percent, all other sectors were also in the red, with the Holdings having the biggest loss of 0.56 percent.
Decliners led advancers at 103 to 83, leaving 53 unchanged.
Meanwhile, the peso moved sideways, closing at 58.65 to a dollar on Monday from Friday's 58.61 finish.
It opened at 58.55 and traded between 58.47 to 58.695.
The weighted average for the day was at 58.563.
Total volume of trade fell to USD920.83 million from USD1.1 billion last Friday. (PNA)
