Share prices close lower

The local stock market continued to track Wall Street’s decline as the Philippine Stock Exchange Index (PSEi) on Monday fell below the 4,200 support level.

The benchmark PSEi slipped 1.14 percent, or 48.04 points, to close at 4,171.54.

The broader all-share index fell by 1.12 percent to 2,946.62.

All subsectors posted losses. Mining and oil shares plunged by 3.71 percent, or 678.67 points, to 17,636.71.

Property companies also dropped by 1.56 percent, or 23.44 points, to 1,477.06.

Trading volume improved, with 2.01 billion shares worth P4.69 billion changing hands from Friday’s 1.7 billion shares worth P3.81 billion.

Decliners overwhelmed advancers, 119 to 25, while 23 stocks did not change.

A selloff in US stocks last Friday took its toll on the Dow Jones Industrial Average, which fell to a three-month low.

“Almost all main index stocks closed lower on concerns over global economic recovery and another rate hike adjustment in the Philippines,” a brokerage firm said.—Paolo G. Montecillo