The Philippine Stock Exchange index (PSEi) opened the week on a negative note, closing 0.85 percent lower at 6,057.43 on Monday.

The market’s drop was largely driven by the peso’s weakness against the US dollar, alongside the absence of strong local catalysts that could spur buying interest. Foreign investors were net sellers, registering outflows of P473.25 million, while net value turnover reached P6.00 billion.

Among the sectors, services posted the lone gain, rising 0.99 percent, while financials bore the brunt of selling pressure, sliding 2.43 percent. Market breadth was negative, with 117 losers against 84 gainers.

The peso slipped to 57.18 per dollar, weaker than its previous close of 57.10, according to data from the Bankers Association of the Philippines.

Luis Limlingan, head of sales at Regina Capital Development Corp., said investors are looking ahead to the US Federal Reserve’s 17 September meeting, with expectations of a rate cut gaining traction following soft labor data despite hotter inflation.

“Gold prices inched higher on Friday, staying near record levels as weak US labor data strengthened bets on a Fed rate cut next week. Moreover, oil prices rose on Friday after a Ukrainian drone strike disrupted shipments from Russia’s biggest western port, though upside was limited by worries over US demand,” Limlingan said.