Philstar
Philippines stocks plummet on Wall Street cues
Philippine shares dropped below the 6,400 mark on Monday, with the Philippine Stock Exchange index (PSEi) falling by 2.36 percent or 153.22 points to 6,343.10.
All sectors experienced declines, led by holding firms which fell by 3.47 percent.
Sentiment swayed to Wall Street's sharp retreat, with US equities slumping last Friday as the latest unemployment data supported views for the Fed to maintain its key interest rates this month.
The peso weakened against the US dollar, depreciating to 58.7 from its previous closing of 58.36.
Trading volume for the peso also decreased to USD1.35 billion from USD1.81 billion the prior day.
This week's significant economic data includes the US Consumer Price Index (CPI) on Wednesday and the Philippines' November cash remittances report on January 15.
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Philippine shares closed slightly lower on Friday, January 10, 2025, with the PSEi declining by 0.23 percent to 6,496.32.
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Philippine shares plunged to their lowest in nearly seven months on Monday, January 13, 2025, with the PSEi closing at 6,343.10 points.
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The Philippine Stock Exchange index (PSEi) closed 1.03 percent lower at 6,265.52 points, its lowest closing value since June 2024.
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Philippine stocks declined by 1.20 percent to close at 6,545.38 points, ending a three-day rally.
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The Philippine stock market rebounded past the 6,300 level, driven by bargain-hunting opportunities.
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