Profit-taking snaps PSE gains; peso at P55.77

THE local equities market succumbed to profit-taking on Monday following last week's rally, which saw the 6,400-points resistance level breached, as investors took on a wait-and-see stance ahead of upcoming economic data.

Meanwhile, the peso weakened against the greenback.

The benchmark Philippine Stock Exchange index (PSEi) shed 52.23 points, or 0.81 percent, to close at 6,359.63.

The broader All Shares index also dropped 21.86 points, or 0.58 percent, to 3,719.26.

First Metro Investment Corp. research head Cristina Ulang said the market's decline had been expected following last week's rally.

"Expected sell-down of last week's rally to cash in profits ahead of the inflation number for April," Ulang said.

Regina Capital Development Corp. Managing Director Luis Limlingan shared the same view, saying: "Philippine shares succumbed to profit-taking as it pulled back to [the] 6,300 level, while investors await [the] fresh inflation print."

April inflation data is expected to be announced today, May 6, while the first-quarter Philippine gross domestic product (GDP) growth rate is scheduled for release on May 8.

"Meanwhile, Wall Street continued its sessions [in] the green with better-than-expected employment data," he added.

Last Friday, Wall Street stocks sustained their two-week gains, with the Dow Jones up by 1.39 percent, the S&P 500 index up by 1.47 percent, and Nasdaq also ending 1.51 percent higher, as sentiment received a lift from the US April jobs data.

Reports said the US economy added 177,000 jobs in April, signifying a still solid job market even as President Donald Trump's tariff policy had rattled markets across the globe.

Limlingan said value turnover, net of extraordinary block sales, reached P4.82 billion. All sector indices ended in the red, with holding firms down the most by 1.61 percent, followed by mining and oil, dropping 1.53 percent.

Decliners barely outnumbered gainers, with 93 stocks closing lower, 92 ended higher, while 61 were unchanged.

Peso weakens to P55.77/$1

The currency closed at P55.77, weaker by 20 centavos from Friday's P55.57 per dollar level, data from the Bankers Association of the Philippines showed.

The peso opened at P55.57 and trading ranged from P55.38 to P55.799 to the US dollar during the session.

Volume reached P2.296 billion, up from the P2.103 billion recorded in the previous session.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened as the US dollar strengthened against major global currencies. Earl John Alfaro,