Philippine shares showed some signs of recovery after rallying 2.5% in the early trade and posted its biggest intraday percentage growth since late last March. But the momentum was not maintained as the PSEi dropped at the close of the bell.

The Philippine market continued to slide losing 1.08%, and closing 6,986.88 after opening at 7,240.06 at the start of the trading day on Monday.

Philippine shares showed some signs of recovery after rallying 2.5% in the early trade and posted its biggest intraday percentage growth since late last March. But the momentum was not maintained as the PSEi dropped at the close of the bell. The PSEi lost -5.76% over the last five trading days.

The lack of positive catalysts dragged the benchmark PSEi, industry analysts said.

Foreign funds sold some P3.705 billion as against P3.303 billion worth of shares bought during Monday’s trading for a net selling position of at least P401.527 million.

Meanwhile, the peso fell 16 centavos to close at P53.44:$1 from Friday’s close at P53.28.

Benedict Chan, treasurer and head at China Bank Corporation’s Treasury Group was quoted as saying, “It continues to see weakness and the primary reason is still the same. There‘s still outflows, as you can see, the stock market’s still down.”

Across Asia, positive sentiments saw the Asian stock markets recovering. Reports have indicated that the selloff are over with benchmarks in China, Malaysia, Thailand, and Singapore entering positive territories.

The Shanghai Composite Index ended its five weeks of losses amid heating trade war between China and the United States. The Shanghai Composite rose 4.5 percent in less than two weeks after its RSI hit 22 in February.