Local stocks dragged down by selling pressures.

MANILA, Philippines — The Stock Exchange index fell below the 6,900 level, slipping by 0.31 percent or 21.72 points to end at 6,891.49 amid selling pressures at the start of the trading week.

The broader All Shares index likewise retreated by 0.21 percent or 7.63 points to settle at 3,600.49.

“Philippine shares slipped below the 6,900 level as investors took profit right before the close of February and the latest MSCI rebalancing,” a market analyst said.

Another analyst mentioned that the local bourse joined most of its regional peers in the red where profit taking prevailed as well.

“Investors secured gains after a four-day rally, while they awaited fresh catalysts to break the 7,000 psychological level,” the analyst said.

“Moreover, the sentiment was further dampened by tempered rate cut hopes after a deputy governor of the central bank stated that the central bank is prepared to adjust its monetary policy settings as needed as inflation risks are present,” she said.

Monday’s net market value turnover was lower than the year-to-date average. Local gauges were mixed, with property suffering the biggest loss of 1.99 percent.

Industrial as well as mining and oil sectors led the increase with 0.59 percent and 0.54 percent, respectively.

Advancers edged out decliners, while some issues remained unchanged. Monde Nissin was the biggest gainer among index members, while Ayala Land lost the most.

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