PSEi down 1.25% to 6,979.06

The benchmark Philippine Stock Exchange index (PSEi) fell Monday on renewed worries over a possible interest rate increase by the US Federal Reserve.

The PSEi was down 1.25 percent, or 88.67 points, to 6,979.06 while the broader All-Shares index sank 0.74 percent to 4,222.62. All sub-counters ended lower, with the biggest drop coming from property (down 1.9 percent).

As early as last week, BDO Unibank chief strategist Jonathan Ravelas said the market could trade anywhere from the 6,850 to 7,150 this week. But he noted that the bias was still on the “downside.”

Volume was also lower. A total of 1.97 billion shares valued at P5.67 billion changed hands Monday. There were 88 gainers against 86 losers, while 49 companies closed unchanged.

Ayala Land Inc. was the most actively traded company Monday as it slipped 2.94 percent to P33 a share. It was followed by Ayala Corp., down 1.28 percent to P770; Metrobank, down 0.91 percent to P76.30; Universal Robina Corp., down 1 percent to P178, and BDO Unibank Inc., up 0.36 percent to P111.80 a share. —Miguel R. Camus