The Philippine Stock Exchange index (PSEi) started the week lower, closing at 6,389.94, down by 23.16 points or 0.36 percent on lack of fresh leads and thin trading.
The broader all shares index also fell on Monday, finishing at at 3,737.64, down by 9.15 points or 0.24 percent
Regina Capital Development Corp. head of sales Luis Limlingan said the PSEi opened the week in the red as investors adopted a wait-and-see stance amid thin trading and a lack of fresh domestic catalysts.
Limlingan said investors are opting to stay on the sidelines ahead of US inflation rate report on Friday as this could influence US Federal Reserve’s monetary policy.
Most sectoral indices declined. Industrial dropped by 0.68 percent to 8,906.94 while holding firms lost 0.83 percent. Property went down by 0.56 percent.
Financials rose slightly by 0.01 percent to 2,404.39. Services increased by 12.52 points or 0.59 percent to 2,120.41.
Mining and oil jumped by 4.58 percent as gold prices surged on Friday. Holding firms also went up by 0.54 percent and financials by 0.22 percent.
Trading was anaemic as value turnover amounted to P3.71 billion.
Shares of JG Summit Holdings Inc. rose 6.06 percent to P21 apiece. On the other hand shares of Manila Electric Co. declined by 3.6 percent to P536 each.
