THE peso fell against the dollar to start the week, but the stock market snapped a four-day decline as investors awaited fresh economic data and the results of this Wednesday's Bangko Sentral ng Pilipinas (BSP) policy meeting.
The currency weakened by 26 and a half centavos to P57.47:$1, tracking declines elsewhere in the region. It opened at P57.28 to the dollar and ranged from P57.26 to P57.5, and volume also fell to P780 million from Friday's P1.325 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened after the dollar rose against major global currencies.
"The peso also partly weakened recently on possible more aggressive rate cuts/monetary easing on the next rate-setting meeting," he added.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, edged up by 16.09 points, or 0.22 percent, to 7,326.41. The broader All Shares also rose, by 9.56 points or 0.24 percent, to 4,024.72.
Philstocks Financial Inc. research manager Japhet Tantiangco said "investors hunted for bargains after four straight days of decline," adding that "expectations that the Bangko Sentral ng Pilipinas will further ease their policy in their upcoming meeting this week gave the market a boost today."
"Also helping were the positive cues from Wall Street's closing performance last week."
Tantiangco said trading was "anemic" with net value turnover at P3.68 billion, below than the year-to-date average of P5.20 billion.
"Foreigners were net sellers with net outflows amounting to P519.69 million," he added.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "Philippine shares made minor gains as investors gear up for another week of fresh economic data and events that will drive price action movement."
"This week, the key US economic event to watch is the retail sales report, scheduled for release on Thursday," he said.
"Additionally, several [US] Federal Reserve officials will be speaking throughout the week, with Governor [Christopher] Waller addressing audiences on both Monday and Friday, and Governor [Adriana] Kugler scheduled for Tuesday," he added.
"Locally, the Monetary Board will hold its policy-setting meeting on October 16, coinciding with the release of August cash remittances data."
All sector indices but one closed the day in the green, with mining and oil gaining the most by 2.05 percent. Services was the sole decliner, down 0.49 percent.
Gainers outnumbered decliners, 128 to 73, while 54 were unchanged.
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