Market weakens 80 pts. on SONA day

The market bellwether began the trading week, losing 79.64 points, or 1.17 percent, to close at 6,712.05 level.

The majority of the indices were in the red, with the Services dropping the most by 2.61 percent, Industrial down by 2 percent, and Holding Firms by 1.11 percent.

Property and Miners were the only gainers, increasing by 0.67 percent and 0.24 percent, respectively.

Philstocks Financial Inc. research analyst Claire Alviar said among the index members, only five stocks were able to stay in the green, led by DMCI Holdings, Inc., which strengthened by 1.82 percent.

Metropolitan Bank & Trust Company was meanwhile at the bottom, losing 4.43 percent.

President Ferdinand Marcos Jr. delivered his third State of the Nation Address on Monday.

Top agenda must be economy

According to Alviar, there are many issues that investors want to hear about the government's plans for how they will meet the economic growth target in the coming years.

Further, another factor that has affected Monday's bourse performance is US President Joe Biden’s withdrawal from his re-election campaign and his endorsement of Vice President Kamala Harris to replace him as the Democratic nominee.

“Overseas, Asian peers were mostly in the red as investors digested President Joe Biden’s withdrawal from the 2024 presidential race,” Alviar added.

Moreover, with Biden’s announcement, Regina Capital Development Corp.'s head of sales, Luis Limlingan, said investors sold off at the start of the week.

He also shared key economic data releases for the US and the Philippines. On Monday, the release of the Chicago Fed National Activity Index, along with the 3- and 6-month bill auctions, is expected.

The net market value turnover stood at P5.69 billion, with 107 decliners and 72 advancers.

The peso closed at P58.38 against the dollar.

According to Rizal Commercial Banking Corporation chief economist Michael Ricafort, this peso exchange rate is still among the strongest compared to the US dollar in 1.5 months and is still lower than the immediate high of 58.92 posted on 27 June last year.