The benchmark Philippine Stock Exchange index declined on the first trading day of the week by 82.23 points to 6,414.27, or 1.27 percent lower than last week's close due to negative spillovers from Wall Street fueled by recession fears in the United States.

Philstocks Financial Inc. researcher Mikhail Plopenio, in a commentary on Monday, said the "hawkish signals from the Bangko Sentral ng Pilipinas" also weighed down investors.

PSEi member PLDT Inc. plummeted by more than 19 percent as investors sought clarity on the reported P48-billion capital expenditure overrun last week.

Quiet week ahead

Meanwhile, Regina Capital Head of Sales Luis Limlingan noted that "a quiet week" awaits the local bourse, with only the Balance of Payments data scheduled to be released this week.

Yesterday, net market value turnover remained strong as it stood at P6.60 billion, higher than the year-to-date average of P5.97 billion. Foreigners were net sellers with net outflows amounting to P1.01 billion.

Sectors were mostly down with the Properties being the lone gainer, up by 1.17 percent. Services, on the other hand, had the biggest loss of 5.98 percent. Decliners edged gainers 122 to 55.

Among index members, Ayala Corporation was the top gainer, up by 5.91 percent to P699.