Manila: Local shares declined amid investors' cautious stance, while the peso weakened on the first trading day of the week. The Philippine Stock Exchange index (PSEi) fell by 1.12 percent to 5,993.48, while All Shares also slipped by 0.50 percent to 3,611.16.

According to Philippines News Agency, the decline in the PSEi is attributed to investor caution despite higher-than-expected cash remittances amounting to USD3.38 billion. Regina Capital Development Corporation head of sales Luis Limlingan noted that the local bourse closed below the 6,000 mark as a result of this sentiment.

Almost all sectors experienced declines, with the Property sector recording the largest drop at 3.06 percent. In contrast, the Mining and Oil and Services sectors saw increases of 2.70 percent and 0.51 percent, respectively. Overall, decliners surpassed advancers at 114 to 74, with 61 counters remaining unchanged.

Meanwhile, the peso weakened against the dollar, closing at 58.03 to a dollar on Monday, down from the previous Friday's finish of 57.83. The currency pair started trading at 57.78 to the dollar, fluctuating between 57.78 and 58.05 throughout the day, with an average level of 57.92. The volume of trade also decreased, falling to USD1.16 billion from USD1.66 billion.