The local stock market took a heavy beating to open the week as investors remained on the sidelines ahead of the release of GDP data this week and some concerns abroad.\The benchmark Philippine Stock Exchange index plunged 2.20 percent or 169.98 points to finish at 7,552.60.
The peso meanwhile closed weaker to 50.975 to the dollar from 50.891 last Friday.
The currency opened at 50.93, hit a low of 51.04 and a high of 50.83. Trading volume amounted to $1.56 bilion.
“Investors fled to safer haven assets on news Libya declared force majeure as the country’s ongoing civil war ahead of peace talks aimed at ending the conflict met with resistance,” said Luis Limlingan of Regina Capital Development Corp.
“In addition, as the latest GDP will soon take center stage, many are remaining on the sidelines,” Limlingan added.
Philippine GDP data will be released on Thursday.
Philstocks in its report, meanwhile, said heightened regulatory risks amid plans to review the UP-Ayala technohub project pulled down index heavyweights Ayala Corp. and Ayala Land Inc. by 6.60 percent and seven percent, respectively.
As a result, the property index fell 3.88 percent, the biggest among the sector indices on Monday.
Holding firms also lost 2.20 percent, while mining and oil and industrial dipped 1.21 percent and 1.17 percent, respectively.
Total value turnover reached P6.274 billion. Decliners toppled advancers, 130 to 64, while 44 stocks were unchanged.
