The Philippine Stock Exchange index (PSEi) was down 18.7 points, a 0.29 percent drop to 6,451.02.
The broader all shares index was down 7.61 points or 0.22 percent to 3,456.66.
Losers edged gainers 99 to 73 with 55 stocks unchanged. Trading turnover reached P5.63 billion.
The peso closed at 54.675 to the dollar, up from 54.71 on Friday.
The currency opened at 54.65 and hit a high of 54.58 and a low of 54.675. Trading turnover reached $861.05 million.
Asian currencies were mixed while equities dived on Monday as simmering concerns over the health of the global financial system soured sentiment, even as a Swiss-backed rescue plan for Credit Suisse materialized over the weekend, Reuters reported.
The Indonesian rupiah emerged as the top loser, weakening 0.2 percent, while the Malaysian ringgit remained flat and the Philippine peso appreciated 0.1 percent.
Asian markets are seen as anxious over developments surrounding the global financial system assuming that “we are not out of the woods yet,” said Robert Carnell, Regional Head of Research, Asia Pacific at ING.
Similarly, safe haven currencies like the Japanese yen and US dollar gained as investors moved away from riskier assets across emerging Asia.
Regulators globally moved to reassure markets by pledging to enhance liquidity, and Swiss authorities pushed UBS Group AG on Sunday to buy rival Credit Suisse Group AG.
Traders have priced in about a 60 percent chance that the US Federal Reserve will raise interest rates by 25 basis points (bps) at a policy meeting this week before embarking on a ste
Claire Alviar, analyst at Philstocks Financial Inc. said the market shared the same sentiment of regional market amid the ongoing issues in the banking sector.
“Asian markets, including the local market, were reacting negatively to UBS’ acquisition of Credit Suisse as investors think that the crisis may be far from over. In addition, some bondholders of Credit Suisse were reportedly not satisfied with the acquisition deal,” Alviar said.
“This added to the fears toward the banking sector. Despite this, the acquisition is still anticipated to help the industry and shore up investor confidence,” she added.
Alviar said investors were also awaiting the Central Bank’s decision whether to raise rates or not.
Most actively traded International Container Terminal Service Inc. was down P0.10 to P197.90. Globe Telecom Inc. was up P5 to P1,745. BDO Unibank Inc. was down P6.10 to P121.50. SP Energy Corp. was up P0.07 to P1.67. Jollibee Foods Corp. was down P1 to P222. SM Prime Holdings Inc. was steady at P34. Ayala Land Inc. was up P0.80 to P27. Aboitiz Equity Ventures Inc. was up P2.90 to P53.95. ACEN Corp. was up P0.05 to P5.95. GT Capital Holdings Corp. was down P9 to P486.
