The Philippine Stock Exchange index (PSEi) dropped for a third consecutive trading day on Monday as investors continued to unload their stocks ahead of the release of a crucial economic data.
The benchmark PSEi fell by 0.73 percent, or 47.52 points, to settle at 6,442.13 while the broader All Shares index slipped by 0.46 percent, or 15.72 points, to close at 3,403.93.
“Last-minute profit-taking pulled the market down,” said Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement.
She said investors were worried over the inflation reading for November, triggering another sell-off. The data will be released today, Dec. 6.
All sectors ended in the red, except for the industrial and property indices. The service index saw the steepest decline at 1.85 percent.
About 514.23 million shares amounting to P5.64 billion were traded. Decliners led advancers, 105 to 83, while 54 issues were unchanged. INQ