Share prices close lower

Most investors opted to stay on the sidelines Monday as Philippine stocks fell, mirroring weakness across the region on concerns over Japan’s economy.

The benchmark Philippine Stock Exchange index slid 0.56 percent, or 41.81 points, to 7,484.89 on Monday, while the broader all-shares index was down 0.47 percent, or 20.53 points, to 4,320.34.

All subsectors closed in the red. The losers were led by mining and oil, down 1.18 percent, followed by industrial stocks, down 0.97 percent, and holding firms, down 0.70 percent.

Volumes also came in weaker, with a total of 518.88 million shares valued at P5.34 billion changing hands. A total of 97 companies declined while 64 advanced. Another 46 companies ended unchanged.

The market was also hit by foreign selling, data from the PSE showed. Foreign investors were net sellers to the tune of P532 million on Monday. Miguel R. Camus