PSEi falls below 7,000, erases gains from GDP rally

Warren de Guzman, ABS-CBN News

Posted at Nov 21 2016 06:18 PM

MANILA - Philippine shares started the new trading week on a negative note, erasing gains from strong gross domestic product figures last week.

Investors are now positioning themselves ahead of a more possible US Federal Reserve rate hike in December, Migs Lopez, investment manager at AB Capital, said on Monday.

"We are going to see a lot of buybacks of the dollar, in order to mitigate whatever fluctuations we're going to see," he told ANC.

The Philippine Stock Exchange index fell 1.25 percent, closing back below the 7,000 level.

The big losers to start the week include GT Capital Holdings, which slipped by over 4 percent. Ayala Land, Metrobank, and Philippine Long Distance Telephone Company all lost nearly 3 percent.

Meanwhile, the Philippine peso continued to trade at 8-year lows at the foreign exchange market, finishing P49.83 against the US dollar.