Stock index fell below 6,600 level on July 31

Philippine stocks started the week in the red, pushing down the benchmark index below the 6,600 level, on month-end portfolio adjustments.

The Philippine Stock Exchange index lost 33.79 points, or 0.51 percent, to close at 6,591.47, while the broader all-shares index slipped 10.25 points to 3,516.67.

Chinabank Capital managing director Juan Paolo Colet said the PSEi bucked the uptrend in other Asian markets because of last-minute selling.

“This may be attributed largely to month-end portfolio adjustments of institutional investors and also continued selling pressured after the index failed to hurdle the strong resistance at 6,700,” Colet said.