Share prices ended lower Monday, tracking overseas lead.
The Philippine Stock Exchange index (PSEi) was down 24.52 points to 6,716.88, a 0.36 percent drop.
The broader all shares index was down 16.67 points to 3,585.85, a 0.46 percent drop.
Losers edged gainers 134 to 60 with 47 stocks unchanged. Trading turnover reached P5.93 billion.
The peso closed at 52.86 to the dollar, flat from Friday’s close.
The currency opened at 52.92 and hit a high of 52.97 and a low of 52.84. Trading turnover reached $1.08 billion.
Most Asian currencies were mixed on Monday as markets looked to US inflation data later this week.
Global markets are turning their focus to the US consumer price report on Friday. Forecasts are for a steep 0.7 percent rise in May, though the annual pace is seen holding at 8.3 percent while core inflation is seen slowing a little to 5.9 percent.
Oil prices firmed after Saudi Arabia raised prices sharply for its crude sales in July, a reflection of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the drop in the local bourse was in reaction to the surge in global oil prices and the weakening of the local currency, “both of which are seen to post inflationary risks to our economy.”
“As of 3:30 p.m. Monday, the benchmark Brent crude maintains its position at the $120 per barrel mark, while the local currency is at 52.87 per dollar,” he said.
“Investors also took a cautious stance while waiting for the Philippines May inflation report,” Tantiangco added.
Most actively traded SM Prime Holdings Inc. was up P1.55 to P39.45. Raslag Corp. was up P0.05 to P2.05. Converge ICT Solutions Inc. was down P1.35 to P23.85. Ayala Corp. was down P33.50 to P661.50. Semirara Mining and Power Corp. was down P1.05 to P35.95.
Jollibee Foods Corp. was down P5.20 to P201.20. SM Investments Corp. was down P4 to P861. Ayala Land Inc. was down P0.05 to P29.95. Security Bank Corp. was down P3.25 to P88. BDO Unibank Inc. was up P0.50 to P129.
