Manila: Renewed selling pressures because of developments both in the domestic economy and overseas resulted in the negative close of the Philippine Stock Exchange index (PSEi) on Monday, but the peso gained against the greenback.

According to Philippines News Agency, the local bourse's main index shed 0.77 percent to 6,101.86 points, and the broader All Shares by 0.27 percent to 3,682.78 points. Most of the sectoral counters tracked the PSEi, led by the Financials, which fell 1.28 percent. It was trailed by the Holding Firms, 1.26 percent; Services, 1 percent; and Property, 0.08 percent. On the other hand, Industrial rose by 0.95 percent and Mining and Oil by 0.78 percent.

Volume reached 2.7 billion shares amounting to PHP5.7 billion. Decliners led advancers at 107 to 87, while 52 shares were unchanged. Luis Limlingan, Regina Capital Development Corporation head of sales, said 'sellers dominated today's market' ahead of the release of unemployment data later this week and concerns about the investigation into the anomalies in the government's flood control projects.

Despite these factors, the local currency gained against the US dollar, with the Philippine peso closing the day's trade at 56.69 from its 56.93 close Friday last week. Its strength showed early on when it opened the week's first trading day at 56.77 from 56.95 in the previous session. It even improved to 56.67 mid-trade, but also pulled back to 56.69. The average for the day stood at 56.78. Volume reached USD1.32 billion, down from the USD1.62 billion at the end of last week.