The market’s benchmark PSEi fell for a third consecutive session on Monday as investors brushed aside positive data showing the country’s manufacturing sector continued to expand in August.
The benchmark index lost 15.22 points, or 0.25 percent, to close at 6,140.35, while the broader All Shares slipped 3.33 points, or 0.09 percent, to 3,683.55.
S&P Global reported midday that the Philippines’ Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in August, marking a fifth straight month above the neutral 50 mark that signals growth.
The report, however, failed to lift sentiment as foreign selling and a weak peso kept the market under pressure.
Market breadth was positive, with 110 gainers against 96 losers, while 55 issues were unchanged. Total value turnover reached P4.21 billion from 1.15 billion shares traded across 56,706 deals.
Foreign investors were net sellers for the sixth straight session, dumping P148.55 million worth of shares.
Philstocks Financial noted that average daily outflows during the streak have reached ₱784.18 million.
“The market continues to be beset by profit-taking amid a lack of a positive catalyst. The peso’s weak position against the US dollar also weighed on the bourse,” Japhet Tantiangco, research manager at Philstocks, said.
By sector, mining led with a 4.33 percent gain, while conglomerates slipped 0.65 percent.
Luis Limlingan, managing director at Regina Capital Development Corp., said inflation concerns further dampened sentiment.
“The drop likely reflects forecasts suggesting an uptick in inflation this month, following the bad weather that stormed the country last month,” he said.
