Philippines stocks fall On Monday, profits after the market climbed four days, of which Peso’s recent weakness Weigh emotions.
The Philippine Stock Exchange Index (PSEI) fell 0.79% or 49.66 points to close 6,214.83, while the widespread all-stock index fell 0.3% or 11.52 points to end with 3,729.29 points.
Philstocks Financial, Inc. “The local market has declined as investors gathered for four days. Peso vulnerable groups against the dollar have also weakened the deal,” said Philstocks Financial, Inc.
Last week, the Peso returned to P57 levels against Greenback last week after the highly anticipated tax cuts expected by the Federal Reserve and this year’s cuts. On Monday, the peso received a 9.4 Centavos closing price of P57.056.
He added that foreign outflows also removed the Persian River. Foreign net sales were 343.7 million pesos on Monday, and net purchases recorded on Friday were 223.7 million.
While the decline seen Monday after the recent gains in the market could be seen as a “healthy profit,” Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said in a Viber message that although the decline seen on Monday could be seen as a “healthy profit,” there was some cautious market caution in the market due to the latest statements on trade, immigration, immigration and fiscal policy with U.S. President Donald J. Trump, but due to domestic concerns related to so-called government programs.
He said investors are still waiting for a clearer picture of the Fed’s future policy actions.
Asian stocks are getting higher and higher, with the dollar steadily falling on Monday, after lowering tax rates last week, the market is called the Fed’s monetary policy path, while Mr. Trump’s crackdown on immigration on workers’ visas has remained under control.
On the macro-economic side, investors are still keen to measure the U.S. monetary policy pathway after the Fed said it would be gradually relaxed in the future, while traders had a loose base point of 44 in the remaining two policy meetings of the year.
The speech is expected to be made within a week, and data on the Fed’s preferred inflation scale will expire on Friday, which will help set the tone for the near-term tax rate outlook.
The sector index ended on Monday. Financial conditions fell 2.14% or 46.40 points to 2,119.96; holding companies sunk 0.68% or 35.02 points to 5,097.24; property fell 0.41% or 10.25 points to 2,433.21.
Meanwhile, mining and oil rose 1.65% or 192.89 points to 11,856.85; services climbed 0.24% or 5.61 points to 2,273.41; industrial rate rose 0.01% or 1.35 points to 8,934.91.
Value turnover fell to 5.01 billion pesos on Monday, with 1.19 billion shares trading from 14.3 billion pesos and 2.1 billion shares changed hands on Friday.
The market width is positive, as the number of progressivers exceeds 113 to 90, while 51 names remain unchanged. – AGC Magno and Reuters
