Philippine stocks closed lower Monday, falling below the 6,300 level as investors engaged in profit-taking amid a lack of fresh catalysts.
The benchmark Philippine Stock Exchange index (PSEi) fell 27.05 points, or 0.43 percent, to close at 6,288.88. The broader all-shares index also lost 10.12 points, or 0.27 percent, to settle at 3,741.11.
Meanwhile, the peso strengthened to 56.956 against the US dollar, from 57.065 on Friday.
Despite positive factors such as stable world crude prices and the prospect of a rate cut from the Bangko Sentral ng Pilipinas (BSP), the market was down, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort.
“BSP Governor Remolona reiterated dovish signals on possible monetary easing… amid benign inflation and external uncertainties that could slow down local economic growth,” Ricafort said.
Analysts said investors may also be waiting for more positive news before making investment decisions.
Sectoral indices were mixed, with the mining and oil sector rising 3.4 percent, while financials were at the bottom, declining 1.46 percent.
Decliners outnumbered gainers 105 to 85.
San Miguel Corp. was the top index gainer, with its share price jumping 9.81 percent to P61. Converge ICT Solutions Inc. was at the bottom, as its share price declined 3.33 percent to P14.50.
Asian stocks were mostly higher on Monday ahead of a meeting between U.S. President Donald Trump, Ukrainian President Volodymyr Zelensky, and European leaders in Washington.
Trump met Russian President Vladimir Putin in Alaska on Friday, but the summit failed to yield a breakthrough on a ceasefire in Ukraine.
“Trump and Putin walked away without a ceasefire, without even the illusion of one,” said Stephen Innes, a managing partner at SPI Asset Management. With AFP
