Local shares in the Philippines experienced a decline on Monday amid escalating tensions between Iran and Israel, while the peso closed weaker against the dollar.
The Philippine Stock Exchange index (PSEi) fell by 0.58 percent, closing at 6,358.58, while the All Shares index also decreased by 0.44 percent to 3,768.45.
“Philippine markets started the week in the red following the escalating conflict between Israel and Iran, which rattled investors over the weekend. Meanwhile, many will be focusing on a new batch of data and meetings that could dictate price action movement,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Limlingan noted that in the US, markets will be looking ahead to Tuesday’s retail sales and industrial production data, followed by Thursday’s Federal Reserve rate decision and projections, with remarks from Fed Chair Jerome Powell likely to influence rate expectations.
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) rate decision on Thursday will be closely monitored amid easing inflation and potential policy adjustments.
Among the sectors, miners led the trading on Monday, growing by 1.58 percent, while Holding Firms and Property sectors suffered the most, shedding 1.19 percent. Decliners outnumbered gainers, with 110 stocks declining compared to 88 that advanced.
The peso weakened, closing at 56.41 against the dollar, down from 56.21 last Friday. It opened at 56.25 and traded within a range of 56.25 to 56.61, with a weighted average of 56.43 for the day. The volume of trade also declined to USD1.30 billion from USD1.71 billion.