PHL stocks extend decline before Marcos’ SONA

PHILIPPINE STOCKS ended lower for the third straight day on Monday before President Ferdinand R. Marcos, Jr. delivered his State of the Nation Address (SONA) after the market’s close.

- — Revin Mikhael D. Ochave

The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.52% or 33.43 points to close at 6,379.75, while the broader all shares index declined by 0.08% or 3.38 points to 3,793.49.

‘The PSEi opened the session higher at 6,411.26 and even hit a high of 6,417.43 before succumbing to weakness by the closing bell.

“The PSE started the week on a negative tone... The local market dropped as investors took a cautious stance while waiting for President Marcos’ SONA,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.