Local shares inched down at the start of the week due to profit taking.
The peso ended weaker.
The benchmark Philippine Stock Exchange index declined 0.31 percent or 20.42 points to 6,609.22 yesterday.
“Philippine shares succumbed to profit taking at the end of session after trading in the green for most of the day,” Luis Limlingan of Regina Capital Development Corp., said.
The all shares index likewise declined 0.09 percent or 3.01 points.
Counters were mixed, with four sectors in the red, with the remaining in green.
The holding firms index saw the biggest decline as it fell 0.53 percent.
Others in the negative were financials, services and mining and oil.
Meanwhile, the property and industrial sectors inched up 0.18 percent and 0.17 percent, respectively.
Total value turnover reached P4.28 billion. Advancers toppled decliners, 99 to 93, while 51 stocks were unchanged.
The peso closed at 55.69 to the dollar from 55.57 last Friday.
The currency opened at 55.5 and hit a low of 55.708 and a high of 55.44.
Volume of trading amounted to $1.54 billion.
Currencies in the rest of the emerging Asian markets started the week largely unchanged while equities were mixed, with investors globally reassessing their US rate cut bets.
Alex Loo, a macro strategist at TD Securities, said they suspect moves in the Asian emerging market currencies may be contained until the inflation data.
Markets are now anticipating a 64 percent chance that the Fed could begin easing rates as early as March, compared to a nearly 90 percent chance a week ago, according to the CME FedWatch Tool.
Markets are also looking forward to a stream of data due through the week, including Bank of Korea’s base rate and inflation data from India and China.– Angela Celis and Reuters
