Philippine stock market declines 0.81% after three-day win streak

The Philippine stock market ended its three-day winning streak on Monday with a decline of 0.81 percent, dropping to 6,359.63 points.

RCBC chief economist Michael Ricafort attributed the correction to profit-taking following recent gains that pushed the benchmark index above 6,400 last week.

All sectoral gauges were down, with holding firms and mining and oil leading the decline at 1.61 percent and 1.53 percent respectively.

Market breadth was negative as decliners narrowly outnumbered advancers by one share to 93 from 92, while 61 issues remained unchanged.

Investors are anticipating key economic data releases this week, including April's inflation figure on May 6 and the first quarter GDP on May 8.