Local stocks dropped as investors preferred to hold on to cash during the weekend.
The main index lost 45.15 points or 0.69 percent to close at 6,494.81 with the Property sector leading the retreat while the Mining and Oil counter advancing the most.
Volume remained low with 6.77 billion shares worth P5.67 billion changing hands as losers edged out gainers 108 to 104 with 44 unchanged.
“Philippines shares closed lower as investors flocked back to the US market following their strong bank earnings reports and positive economic data releases, signaling accelerating recovery in the world's largest economy,” said Regina Capit Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse fell as investors took profits out of its preceding 2-day rally.“
He added that, “Overall, market sentiment is still weighed by pandemic concerns. This comes as COVID-19 cases continue to surge with this week’s case count averaging 10,236 per day so far.”
“Uncertainties towards the pace of the COVID-19 vaccine roll out here in the Philippines is also denting investor confidence,” noted Tantiangco.