The stock market fell further on Monday to settle below the 8,100 level, with analysts noting that investors were continuing to pocket gains in the absence of fresh developments.
The bellwether Philippine Stock Exchange index (PSEi) lost 0.73 percent or 59.57 points to close at 8,084.45. The wider All Shares dropped 0.57 percent or 27.21 points to finish at 4,758.65.
“[There is] no new good news to propel the market so there was a continued profit-taking,” BDO Capital and Investments Corp. President Ed Francisco said.
A Regina Capital Development Corp. analyst, meanwhile, said the domestic market mimicked declines on Wall Street.
“Philippine stocks began the Monday session on a cautious note following a decline in US stocks on Friday.
There was added concern because Senate Republicans narrowly passed a bill to overhaul the US tax system,” he said.
Today’s release of November inflation data could provide some impetus, the analyst added.
“We expect headline inflation in November to have fallen to around 3.3 percent year-on-year from 3.5 percent year-on-year in October,” the analyst said.
The industrial sector was the only one in the green on Monday but the gain was just 0.04 percent. Services fell the most, declining by 1.31 percent.
Just over 1 billion issues valued P7.5 billion were traded.
Losers outnumbered winners, 119 to 68, while 55 issues were unchanged.