The local bourse opened the shortened trading week in the red as it experienced increased selling pressure at the beginning of the session.
The bellwether Philippine Stock Exchange index (PSEi) shed 0.66 percent or 47.91 points to 7,224.89, while the broader All Shares slipped 0.53 percent or 23.01 points to close at 4,326.34 on Monday.
AAA Equities head of research Christopher Mangun said the market saw an increased selling pressure at the start of trading.
“The minimal buy posts caused a sharp drop in prices. Buyers came in and picked up shares at lower prices which trimmed losses for the day,” Mangun said.
He added that trading volumes of blue chips also declined, while that of second liners and speculative issues climbed as investors tried to seal profit before the holidays.
Mangun noted that the market’s volumes may continue to decline in the coming trading days.
“The PSEi was able to close above its 7,200 support level today, however, increased selling pressure in the coming days may send it closer to 7,000,” he explained.
The property sector barely survived at 0.02 percent. The rest of the local sectors were bloodied with the industrial index losing the most at 1.14 percent.
Total volume turnover was at 33.48 billion shares valued at P8.5 billion.
Decliners outpaced advancers at 144 to 83, while 42 securities were unchanged.