The local stock market gauge opened trading week declining by 34.44 points, or 0.52 percent, to close at 6,613.36 as investors await the Bangko Sentral ng Pilipinas (BSP) policy meeting this week.

Most sectors were in red territory, with Mining and Oil losing the biggest by 1.72 percent, followed by holding Holding Firms, down by 1.52 percent, and  Banking by 0.60 percent. Services was the only one in green, rising by 1.29 percent.

Among the indices, Po family-led Century Pacific Food, Inc. was the top gainer, increasing  2.79 percent.

“Investors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and GDP figures,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in a Viber message.

Philippine investors also kept to cash as many awaited the latest results of the MSCI rebalancing while also waiting for the start of the US trading week, according to Regina Capital Development Corp. head of sales Luis Limlingan.

The net market value turnover was P3.52 billion as 105 decliners led 79 advancers and 52 names were unchanged.

The peso closed at P57.31 from a dollar.