PSEi, peso start week with losses

The trader explained that US monetary officials have earlier indicated optimism about hitting of their two percent long-term target (Photo by Katrina.Tuliao (https://www.tradergroup.org) [CC BY 2.0)

The local currency shed PHP0.285 during the day and closed at 50.15 from 49.865 Friday last week.

A trader said the boost from the signing into law and the eventual implementation of the first package of tax reform in the country waned a bit ahead of the release of US inflation rate at the end of this week.

The trader explained that US monetary officials have earlier indicated optimism about hitting of their two percent long-term target, which would be another reason for a Fed rate hike.

For the day, the local currency opened at 49.86, little changed from the 49.83 in the previous session.

It traded between 49.81 and its closing level, resulting to an average of 50.00.

Volume for the day reached USD797.1 million, higher than the USD715.7 million at the end of last week.

The currency pair is seen to trade between 49.80 and 50.00 on Tuesday.

The Philippine Stock Exchange index (PSEi) lost 0.28 percent, or 24.88 points, to 8,745.12 points.

Most of the other indices tracked the main index, with the broader All Shares down by 0.21 percent, or 10.55 points, to 5,065.77 points.

The sectoral indices that also finished the day on the red include the Property, 1.35 percent; Mining and Oil, 0.91 percent; Financials, 0.50 percent; and Services, 0.37 percent.

Volume for the day totalled to 1.09 billion shares amounting to PHP7.07 billion.

Losers led gainers at 128 to 75 while 43 shares were unchanged.