PHILIPPINE SHARES dropped on Monday, pulling the main index back to the 6,200 level, as the market mostly moved sideways due to the absence of new trading drivers.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.42% or 27.05 points to close at 6,288.88, while the broader all shares index fell by 0.27% or 10.12 points to 3,741.11.
“The local market’s sideways movement closed in the negative territory as investors sold off shares amid the lack of fresh leads,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Trading was anemic… reflecting poor investors’ confidence towards the market amid the lack of a catalyst.”
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