PSEi extends losing streak for 2nd straight session

Philippine shares retreated for the second consecutive trading day on Monday, dragged by the lack of positive catalyst to drive the index higher.

The local stock barometer lost 31.80 points or 0.45% to 6,959.21 at the closing bell. The broader All Shares index shed 15.30 points or 0.36% to 4,207.66.

Monday's decline comes ahead of the US holiday on February 15, in celebration of President's Day.

"Local shares closed lower without enough leads, with the US being closed for holiday tomorrow and investors analyzing earnings releases such as JFC and SMPH," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Several companies on reported fourth-quarter and full-year 2020 earnings during the session, such as Jollibee Foods Corp. (JFC) and SM Prime Holdings Inc. (SMPH).

"Many are also eyeing the prospect of more financial aid from Washington to boost economic recovery while COVID-19 cases are falling and vaccine distribution ramps up," said Limlingan.

Economists are now looking into the "reflation trade" that has been gaining traction in the past few days given the optimism on COVID-19 vaccines and hopes of the trillion-dollar stimulus package in the United States under President Joe Biden, as reported by Reuters.

More than 18.732 billion shares, valued at P19.360 billion, changed hands. Decliners led advancers, 125 to 90, and 51 issues were unchanged. — RSJ, GMA News