Philippine stocks remained under heavy selling pressure on Monday, dragging the Philippine Stock Exchange index (PSEi) deeper into the red, while the peso slipped further against the US dollar despite briefly touching the 57-level in intraday trading.
For the sixth straight session, the main index closed lower, shedding 0.49 percent to settle at 5,997.60, while the broader All Shares dipped 0.23 percent.
Sectoral performance was mixed. Mining and Oil led the gainers with a 5.32 percent jump, followed by Industrial (+0.90 percent), Holding Firms (+0.31 percent), and Property (+0.01 percent). On the other hand, Services (-1.58 percent) and Financials (-1.23 percent) weighed on the market.
Market activity remained tepid, with 1.37 billion shares valued at P4.72 billion changing hands. Decliners outpaced advancers, 106 to 100, while 58 issues were unchanged.
“The PSEi fell below the 6,000-mark as prices continued to slide despite last week’s all-red performance. Selling pressure remains strong, with the market still lacking any positive catalyst,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.
He added that the continued depreciation of the peso and lingering domestic uncertainties are further dampening investor sentiment.
The local currency closed weaker at 58.14 against the greenback from 58.10 last Friday. It opened at 58.00, stronger than its previous start at 58.28, but traded within a narrow range of 57.94 to 58.16, averaging 58.04. Turnover climbed to $1.47 billion from $1.38 billion previously.