MANILA – The Philippine Stock Exchange index (PSEi) fell on Monday as investors took a wait-and-see stance after the main index’s rebalancing, while the peso closed nearly unchanged against the US dollar.

The benchmark index dropped 1.34 percent to 6,254.36 points, while the broader All Shares declined 0.85 percent to 3,735.25 points. Most sectoral counters closed lower, led by Financials with a 2.31-percent drop, followed by Property (-1.97 percent), Industrial (-0.92 percent), Holding Firms (-0.85 percent), and Mining and Oil (-0.20 percent). Only the Services index gained, edging up 0.20 percent.

Market volume reached 908.82 million shares valued at PHP7.1 billion. Decliners outnumbered advancers, 141 to 70, while 41 issues were unchanged.

“With most companies have already released their Q2 (second quarter) earnings, attention may now shift to the upcoming US inflation data, which could shape the Fed’s (US Federal Reserve) next policy direction,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.

The peso ended at 57.04 to the dollar, slightly stronger than Friday’s 57.11 close, after opening at 56.87. It traded between 57.1 and 56.87, with an average of 56.99. Dollar volume stood at nearly USD2.2 billion, down from almost USD2.5 billion at the end of last week. (PNA)