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Marcelo Ayes, senior vice president at RCBC, said the peso was just within the range of 46.20 and 46.80 last week. This week it may weaken to 47 against the greenback, unless there is news on Greece’s economy that would lift dealer sentiment, he said.

At the Philippine Dealing System, the peso lost 0.04 centavos to 46.59 against the US dollar from Friday’s finish. The local currency opened at 46.58 and traded to a high of 46.63 and a low of 46.46, with trading volume reaching $749.75 million.

Local shares also continued its trek southwards on Monday as Europe’s debt problems and fears of a slower US economic recovery made investors more risk-averse.

At the Philippine Stock Exchange, the composite index shed 9.04 points or 0.317 percent to 2,846.60 but the broader all-shares index was almost flat at 1,823.49.

Total volume turnover reached 772.2 million shares worth P1.86 billion. Losers beat gainers by 56 to 35, while shares of 68 companies were unchanged.

“It’s part of good consolidation. Not much to cheer about,” Astro del Castillo of First Grade Holdings, said.

He said positive corporate earnings towards the end of the month would improve share prices.

On Monday, the PSE and other bourses of the Association of Southeast Asian Nations appointed NYSE Technologies to be their  technology solution provider for the Asean Trading Link.    

With AFP