The Philippine Stock Exchange index (PSEi) started the week on a weak note, closing 0.77 percent lower at 6,101.86 on Monday as investors locked in gains from a two-day rally and weighed lingering concerns over corruption issues tied to the government’s flood control projects.
Foreign investors continued to trim exposure, posting net outflows of P340.80 million. Trading activity remained muted with net value turnover reaching only P5.22 billion, below the year-to-date average of P5.96 billion.
Sectoral performance was mixed, with industrials leading the gainers after rising 0.95 percent, while financials dragged the market lower as banks slipped 1.28 percent. Market breadth was negative, with 107 decliners edging out 87 advancers.
Meanwhile, the peso firmed up against the US dollar, finishing at 56.69 from Friday’s 56.92, according to the Bankers Association of the Philippines.