The Philippine Stock Exchange index (PSEi) dropped by 0.33% or 20.98 points to close at 6,265.72 on Monday, amid a lack of fresh leads and ongoing geopolitical developments.
The broader all shares index fell by 0.29% or 10.11 points to end at 3,383.23, as investors chose to stay on the sidelines and monitor the situation.
Market analysts noted that the local bourse ended lower as investors continued to consolidate positions, with the PSEi trading below the key 6,300 resistance level.
Market participants remained cautious, awaiting fresh catalysts to determine the market's next direction, and a sustained buying interest and a breakout above resistance may be needed to support further upside momentum.
The local market started the day on a positive note, backed by bargain hunting, but eventually fell as rising global oil prices amid renewed US-Iran tensions weighed on sentiment.
The US and Iranian forces exchanged heavy missile and drone assaults, with Tehran targeting US facilities in states across the Gulf and saying it had again closed the vital Strait of Hormuz, sending oil prices higher.
The renewed violence casts further doubt on the future of an interim agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.
Locally, five of the six sectoral indices closed lower on Monday, with Mining and oil sliding by 2.26% or 330.02 points to 14,219.68, and financials dropping by 0.63% or 12.12 points to 1,904.45.
However, services rose by 0.4% or 13.85 points to 3,434.56, while decliners outnumbered advancers, 101 to 77, with 75 names unchanged.
Converge ICT Solutions, Inc. was the day's index leader, climbing 2.17% to P9.40, while DigiPlus Interactive Corp. was the main index laggard, falling 3.52% to P10.96.
Value turnover jumped to P16.82 billion on Monday, with 1.15 billion shares traded, a significant increase from the P9.04 billion with 1.19 billion issues that changed hands on Friday.
Net foreign selling was at P673.06 million, a reversal of the P772.08 million in net buying recorded in the previous session.
