Manila: Local shares declined, while the peso closed weaker against the dollar on the first trading day of the week. The Philippine Stock Exchange Index (PSEi) experienced a drop of 1.58 percent, closing at 6,196.88. Similarly, the All Shares index saw a decline of 1.13 percent, ending at 3,639.85.

According to Philippines News Agency, all sectors closed in the red, with the Industrial sector experiencing the most significant decline at 2.07 percent. Philstock Financials research manager Japhet Tantiangco noted, “The PSEi started the week down by 1.58% at 6,196.88. The local market declined as investors took a cautious stance while waiting for the Philippines’ 2024 GDP data and the Fed’s policy meeting, both of which are set this week.”

The market sentiment was further affected by expectations that the local economy might not meet the government’s growth target for the previous year. Decliners outnumbered advancers, with 118 stocks falling compared to 68 gaining.

On the currency front, the peso depreciated, closing at 58.435 to a dollar, down from the previous closing of 58.31. It opened the day at 58.35 and fluctuated between 58.27 and 58.46 throughout trading. The weighted average for the day was 58.377, while the volume of trade slightly decreased to USD1.52 billion from USD1.56 billion.