The Philippine Stock Exchange index was down 81.19 points, a 1.15 percent drop to 6,970.97.
The broader all shares index was down 37.67 points or 1.02 percent to 3,659.96. Losers edged gainers 147 to 57 with 38 stocks unchanged. Trading turnover reached P8.3 billion.
The peso closed at 54.545 to the dollar, down from 54.47 on Friday. The currency opened at 54.55, and hit a high of 54.45 and a low of 54.60. Trading turnover reached $687.86 million.
Asian currencies rose on Monday as Chinese markets resumed trade after a week-long Lunar New Year break, while investors awaited key central bank events this week, including a widely expected quarter-percentage point rate hike by the US Federal Reserve.
Most central banks in Southeast Asia are dialing back their policy tightening, with Malaysia’s central bank unexpectedly pausing, Indonesia signaling an early end to its cycle and the Bank of Thailand hinting at measured tightening ahead.
Luis Limlingan, managing director at Regina Capital Development Corp., said the market closed down as investors await the US Fed’s decision on a rate hike when they meet Tuesday night in the Philippines.
“Many are still deciphering the recent discussion from Fed officials as to the direction of interest rates given the trajectory of inflation in recent months,” he said.
Most actively traded BDO Unibank Inc. was up P1 to P123. Ayala Land Inc. was down P1.85 to P31.05. DMCI Holdings Inc. was down P0.80 to P11.70. Universal Robina Corp. was down P2.40 to P140. Megaworld Corp. was down P0.13 to P2.12. Robinsons Land Corp. was down P0.75 to P15.50. PLDT Inc. was down P25 to P1,429. – Ruelle Castro
