Philippine stocks pared losses early Monday but still ended in negative territory, in line with the rest of Asia.
The benchmark Philippine Stock Exchange index (PSEi) closed down 1.03 percent, or 81.62 points, to 7,865.27, or still within a trading range that analysts said the measure would trade at this week. The broader all-shares index was down 0.94 percent, or 42.69 points, to 4,494.17.
Stock across the region were also in the red as stimulus efforts in China aimed at countering slowing growth failed to lure investors back into the market. In the Philippines, foreign investors were net sellers to the tune of P703.8 million Monday, data from the PSE showed. A total of 1.14 billion shares changed hands for P18.57 billion.
The volume spike was mainly due to a block sale of about P9.97 billion worth of Rizal Commercial Banking Cop. shares. It closed Monday an investment deal allowing a unit of Cathay Financial Holding Co. Ltd. to take a 20-percent stake in RCBC at P64 a share. Miguel R. Camus