Peso halts fall; PSEi flat

THE peso snapped a seven-day decline on Monday while the stock market ended flat as sentiment slightly improved following a Palace order to ease the import process for agricultural products.

The currency strengthened by 11 centavos to P57.54 against the dollar, a result Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed to lower oil prices.

“The peso was also slightly stronger vs. the US dollar after President [Ferdinand] Marcos [Jr.] ordered the relaxation of rules on importation of agriculture products to help stabilize prices and overall inflation,” he added.

The currency opened at P55.555 to the dollar and ranged from P57.41 to P57.60. Volume fell to P1.155 billion from P1.847 billion in the previous session.

The benchmark Philippine Stock Exchange index (PSEi), meanwhile, was basically unchanged, edging up by just 1.08 points, or 0.02 percent, to 6,444.08.

The broader All Shares index advanced by 0.12 percent, or 4.16 points, to 3,425.71.

Philstocks Financial Inc. research associate Claire Alviar said this followed the “strong sell-off last week.”

“President [Ferdinand Marcos Jr.’s] directive to ease the importation process of agricultural products provided a boost to market sentiment,” she added, noting that the order is expected to ease short-term supply issues.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said that the bourse started the week “quietly” as investors awaited updates regarding geopolitical issues.

Market participation was weak, resulting in a net value turnover of P3.41 billion — lower than the month-to-date average of P5.16 billion.

Sector indices had mixed results, with mining and oil leading gainers via a 3.10-percent rise and services declining the most by 0.67 percent.

Advancers outnumbered decliners, 96 to 82, while 47 were unchanged.