Share prices extended their losing streak to a sixth consecutive trading session on Monday, slipping back to levels last seen in early April, with a weak peso adding to persistent selling pressure.
The benchmark PSEi shed 29.52 points or 0.49 percent to close at 5,997.60.
The broader All Shares index fell 8.46 points or 0.23 percent to 3,636.34.
Losers outnumbered gainers 106 to 100, while 58 stocks were unchanged.
Trading value reached P4.72 billion on 64,192 transactions, involving 1.37 billion shares.
Foreign investors remained net sellers, unloading P405.93 million worth of local equities. Net outflows resulted, with foreign buying amounting to P2.39 billion, against P2.80 billion in sales.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., pointed out that the six-day slump pulled the market back to its lowest finish since April 7, when the PSEi closed at 5,822.85, a five-and-a-half-month low.
SB Equities said in its market recap: “The local benchmark declined for six straight sessions amid a lack of positive cues.”
Luis Limlingan, managing director at Regina Capital Development Corp., added that “selling pressure remains strong, with the ongoing uncertainties in the country and the continued depreciation of the peso against the dollar dampening confidence among both local and foreign investors.”
The peso weakened further, closing at 58.145 against the US dollar from Friday’s 58.10. The local currency opened at 58, gained some strength to 57.945 but reached its weakest at 58.165.
Trading volume settled at $1.47 billion.
