PSEi closes slightly negative before SONA

The Philippine Stock Exchange index closed slightly negative on Monday ahead of the President's fourth State of the Nation Address.

The PSEi dropped 0.52 percent to 6,379.75 points while the broader All Shares index fell by 0.09 percent.

Only the Services sector saw an increase, rising 1.52 percent, while Mining and Oil declined the most at 1.69 percent.

Investors are waiting for any mention in the SONA regarding government support for specific industries and overall economic direction.

The peso remained stable against the US dollar, closing at 57.2 from Friday's rate of 57.11.

Analysts noted that recent policies, such as reducing stock transaction tax to 0.1 percent under RA 12214, have helped attract foreign funds into the local capital market.