Last-minute buying failed to boost the stock market on Monday with the bellwether Philippine Stock Exchange index (PSEi) losing 3.42 points or 0.04 percent to 8,361.69.
The broader All Shares shed 0.02 percent or 0.80 points to close at 4,888.32.
“Philippine markets traded mostly in the red but were up just to finish slightly down to begin the week,” a Regina Capital Development Corp. analyst said.
“Portfolios are once again making adjustments ahead of the window-dressing period,” he added.
Joseph Roxas, president of Eagle Equities, Inc. said the last-minute buying prevented the index from falling below the 8,200 support level.
IB Gimenez Securities, Inc. research head Joylin Telagen also said that investors had “found a good support level at around 8,200 ahead of month-end.”
BDO Capital and Investments Corp. President Ed Francisco, meanwhile, said the market was still consolidating “so I expect it to still move sideways unless if lawmakers announce the passage of tax [reform]package.”
The financial and industrial indices were the only losers for the day, declining by 0.81 percent and 1.04 percent, respectively.
Over 1.2 billion issues valued at P6.3 billion changed hands.
Losers led winners, 102 to 96, while 46 issues were unchanged.