Local stocks opened the week with losses, driven by rising global fuel prices and increased tensions between Russia and Ukraine.
The 30-company Philippine Stock Exchange index closed at 6,101.86, a drop of 47.27 points or 0.77 percent. The broader all-shares index ended at 3,682.78, down 9.93 points or 0.27 percent.
The peso, however, closed stronger against the U.S. dollar, ending Monday at 56.69 from Friday’s close of 56.915.
Analysts said investors are worried that rising fuel costs could push inflation higher. Renewed tension between Russia and Ukraine is also a concern after President Donald Trump threatened new sanctions against Russia.
Regina Capital Development Corp. head of sales Luis Limlingan said ongoing issues with current follow control are also weighing on market sentiment.
“Despite mild pullback, sentiment remains constructive with optimism still present heading into the new week with attentions turning to U.S. Producer Price Index and inflation figures due in the coming days,” Limlingan said.
Sectoral indices were mixed, with financials, holding firms, services and property sectors all declining. In contrast, the industrial sector rose 0.95 percent and mining and oil was up 0.78 percent.
Value turnover reached P5.21 billion.
Market breadth was negative, as decliners outnumbered gainers 107 to 87, with 52 stocks unchanged.
Foreign investors were net sellers, with outflows of P340.80 million.
Semirara Mining and Power Corp. was the top gainer of the day, rising 5.3 percent to P34.95. DigiPlus Interactive Inc. was the biggest decliner, falling 7.78 percent to P19.92.
