Manila: The Philippine Stock Exchange index (PSEi) declined while the local currency strengthened Monday, ahead of the speeches of US Federal Reserve officials this week and the impact of the latest domestic situation. After four consecutive days of rise last week, the local bourse’s main index started this week down by 0.79 percent to 6,214.83 points, and the All Shares by 0.31 percent to 3,729.29 points.

According to Philippines News Agency, half of the sectoral gauges tracked the main index, namely Financials, 2.14 percent; Holding Firms, 0.68 percent; and Property, 0.42 percent. On the other hand, Mining and Oil rose by 1.65 percent, Services, 0.25 percent; and Industrial, 0.02 percent. Volume reached 1.19 billion shares, amounting to PHP5 billion.

‘Investors appear cautious ahead of several scheduled speeches from the Fed. Moreover, ongoing political uncertainties are likely weighing on market sentiment at the moment,’ Luis Limlingan, Regina Capital Development Corporation head of sales, said. These speeches include that of Fed Gov. Stephen Miran at the Economic Club of New York on Monday, Vice Chair for Supervision Michelle Bowman at the 134th Annual Kentucky Bankers Association Convention and of Fed Chair Jerome Powell at the Greater Providence Chamber of Commerce 2025 Economic Outlook in Warwick in Rhode Island on Tuesday.

On the local front, rallies calling for transparency and accountability were held Sunday, as the government deepens its investigation into the anomalies in its flood control projects. Despite these developments, the peso appreciated against the US dollar and closed the day at 57.05 from 57.15 at the end of last week. Indications for this close showed early on when the local currency opened the week’s trading at 57.15 from 57.2 in the previous trading. It strengthened to 57.04 mid-trade but was also pulled to 57.19. This brought the day’s average to 57.12. Volume reached USD1.27 billion, lower than the previous session’s USD1.3 billion.