The local stock market fell deeper in the red, opening the week below the 6,000 mark and extending its decline to a sixth consecutive day.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.49 percent or 29.52 points to end at 5,997.60.
The broader All Shares index also inched down by 0.23 percent or 8.46 points, settling at 3,636.34.
‘The PSEi fell below the 6,000 mark as prices continued to decline despite last week’s all-red performance,’ Luis Limlingan of Regina Capital.
‘Selling pressure remains strong, with the market still lacking any positive catalyst,’ Limlingan said.
Limlingan said that adding to the bearish sentiment are the ongoing uncertainties in the country and the continued depreciation of the peso against the dollar, which is dampening confidence among both local and foreign investors.
Trading was anemic as total value turnover stood at P4.72 billion.
Sectors were dominated by those in positive territory, led by mining and oil with a 5.32-percent jump.
Services and financials, meanwhile, fell by 1.58 percent and 1.23 percent, respectively.
Decliners edged out advancers, 106 to 100, while 58 issues were unchanged.
BDO Unibank was yesterday’s top traded stock, plunging by 2.6 percent to P135 per share, followed by ICTSI with a 2.63-percent drop to P481.