The stock market started the week on a sluggish note as foreign selling of local equities persisted ahead of an upcoming MSCI weight rebalancing.
The main-share Philippine Stock Exchange index (PSEi) shed 22.08 points or 0.29 percent to close at 7,725.01 on Monday while regional markets mostly firmed up.
Local stock brokerage Papa Securities said the sideways bias of the PSEi was in anticipation of the rebalancing of MSCI- a closely-followed global index provider—which would take effect soon.
“Initial resistance remains at the recent high around 7,830. Support, meanwhile, is farther off at its recent low of 7,475,” the brokerage said.
The PSEi was led lower by the services counter, which fell by 1 percent, while the financial and industrial counters also slipped.
The holding firm, mining/oil and property counters all firmed up.
Value turnover for the day was thin at P5.53 billion. Foreigners remained mostly sellers, resulting in net foreign outflows of P388.98 million for the day. —DORIS DUMLAO-ABADILLA