The local bourse opened the trading week down in the 6,800 territory as investors remained cautious.
The bellwether Philippine Stock Exchange index (PSEi) lost 1.68 percent or 116.07 points to its intraday low of 6,810.34, while the broader All Shares slipped by 1.04 percent or 43.77 points to close at 4,155.23 on Monday.
AAA Equities head of research Christopher Mangun said the general sentiment remained cautious as the economy is recovering slower than expected.
Large-cap holding firms lost the most on Monday at 2.65 percent, while the mining and oil sector was the sole survivor after surging by 4.34 percent.
Mangun noted that investors continued to unload positions after favoring the holding companies for months because of their diversified portfolios.
“We may see investors begin to take positions in specific industries now that the economy is recovering,” he added.
Mangun sees the local bourse testing its support at 6,740 before recovering.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “increasing bond yields led to the reversal of market gains.”
Limlingan continued that other investors are monitoring the developments on the country’s quarantine restriction for March.
The Inter-Agency Task Force for the Management of Emerging Infectious Diseases backed the proposal to place the entire country under the most lenient modified general community quarantine or MGCQ for the month of March, but the government has yet to release its final decision on the matter.
Total volume turnover was at 16.43 billion shares valued at P8.5 billion.
Losers led winners at 116 to 96, while 44 securities were unchanged.