The stock market weakened as investors continued to pocket gains while waiting for more cues to buy up stocks.
The main index dropped 31.8 points or 0.45 percent to close at 6,959.21 with only the Financials and Mining and Oil counters holding their ground.
A total of 18.73 billion shares worth P19.36 billion changed hands as decliners edged out advancers 125 to 90 with 51 unchanged.
“Local shares closed lower without enough leads, with the US being closed for holiday tomorrow and investors analyzing earnings releases such as JFC and SMPH,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “Last minute profit taking sent the local market lower… The market was unable to hold its ground at the positive territory this Monday as economic worries, particularly the elevated inflation expectations in the upcoming months, weighed on investor sentiment.”
AAA Equities Head of Research Chris Mangun said “The PSEi continued lower as investors secured profits from the market’s recent run-up. Its failure to end above the 7,000 key level last week has signalled investors to start unloading positions as it has always gone lower once this psychological support was breached.”
He noted that, “Investors are still taking a cautious approach, waiting on changes in government policies regarding mobility and business restrictions.