Manila: The local bourse and the peso opened the week on a weaker note as cautious investors remained on the sidelines, anticipating fresh market catalysts. The Philippine Stock Exchange index (PSEi) dropped by 0.33 percent to settle at 6,265.72, while All Shares also saw a decline of 0.30 percent to 3,383.23.

According to Philippines News Agency, all sectors, except for Services, closed in negative territory. Services managed a slight increase of 0.41 percent, while Mining and Oil experienced the most significant drop at 2.27 percent. Luis Limlingan, head of sales at Regina Capital Development Corp., stated, "The local bourse ended lower as investors continued to consolidate positions, with the PSEi trading below the key 6,300 resistance level."

Limlingan further noted that market participants were cautious as they awaited new catalysts to determine the market's next direction. He added, "Sustained buying interest and a breakout above resistance may be needed to support further upside momentum." The stock market concluded with 77 gainers, 101 decliners, and 75 stocks that remained unchanged.

In the foreign exchange market, the peso weakened, closing at 61.59 to a dollar compared to last Friday's finish of 61.51. It opened at 61.61 and fluctuated between 61.56 to 61.65 throughout the day. The day's average exchange rate was 61.59, with the volume of trade decreasing to USD957.5 million from the previous USD1.4 billion.