Geopolitical concerns between the United States and Russia over Ukraine continued to worry investors, resulting in the negative close of the Philippine Stock Exchange index (PSEi) on Monday but the peso remained firm against the US dollar.
The main equities index fell by 0.63 percent, or 46.54 points, to 7,372.25 points.
All Shares shed 0.18 percent, or 7.03 points, to 3,916.66 points.
Half of the sectoral gauges tracked the main index – Holding Firms, 2.38 percent; Services, 1.07 percent; and Industrial, 0.97 percent.
On the other hand, Property rose by 2.14 percent, Mining and Oil by 1.25 percent, and Financials by 0.02 percent.
Volume reached 1.40 billion shares amounting to PHP9.11 billion.
Losers surpassed gainers at 129 to 72, while 46 shares were unchanged.
Limlingan said gold prices posted an eight-month high, with the spot gold up by 1.5 percent to USD1,897.21 per ounce (oz) while US gold futures climbed by 1.6 percent to USD1,902 per oz.
On the other hand, oil prices dropped by 2 percent “as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were limited by heightened tension between top energy exporter Russia and the West over Ukraine.”
Brent crude price dropped by 2 percent to USD92.87 per barrel while US West Texas Intermediate (WTI) fell 1.44 percent to USD91.76 per barrel.
Amidst these developments, the local currency barely moved against the US dollar after finishing the day at 51.38 from 51.35 last Friday.
It opened the day at 51.4 and traded between 51.42 and 51.36.
The average level for the day stood at 51.393.
Volume reached USD713.5 million, higher than the previous session’s USD546.2 million. (PNA)
