PHILIPPINE stocks began the week sharply lower, sliding by more than 2 percent before paring their losses at the close on Monday, following last week’s unexpected news about Japan’s economic stimulus program.
The benchmark Philippine Stock Exchange Index (PSEi) fell to as low as 6,980 points after opening at 7,106.35, but recovered slightly to close at 7,053.88, down 105.41 points or 1.47 percent. The broader All Shares index shed 52.2 points or 1.23 percent to finish at 4,193.69.
“Asian markets are also sustaining losses with the Nikkei losing over 3 percent, as the yen strengthened to an 18-month high against the greenback,” Jun Calaycay, head of research and marketing at A&A Securities Inc., said.
“Last week, the BOJ [Bank of Japan] held off adding to the current stimulus program levels as it waited for evidence the negative interest rate in place is making a positive impact,” he added. KATRINA MENNEN A. VALDEZ