The PSEi dipped only slightly despite a credit rating downgrade for the US by Moody’s.

The main index shed 10.69 points or 0.17 percent to close at 6,454.84 with sectoral indices evenly mixed. Volume was firm at 755 million shares worth P6.19 billion as losers outnumbered gainers 109 to 86 with 49 unchanged.

“Philippine shares kicked off the week on a muted note, as the local market continued to digest corporate earnings and monitor potential political shifts post-election,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Wall Street brushed off weak consumer data and ongoing inflation concerns, exhibiting a solid weekly gain.”

Chinabank Capital Corporation Managing Director Juan Paolo Colet said “The PSEi ended the trading session slightly lower, reflecting the local market's tepid reaction to Moody's credit rating downgrade of the US.”

He noted that, “While the downgrade itself was not a surprise, investors are waiting to see whether the move triggers a more adverse movement in US Treasury yields that could potentially unsettle equity markets.”

Philstocks Financial Research Manager Japhet Tantiangco said “The local market edged lower this Monday as investors digested Moody's downgrade of its credit rating for the US from Aaa to Aa1, a move which is expected to push market interest rates in the US higher. Investors also digested the slowdown in China's retail sales growth last April.”