THE local bourse dropped by 16.61 points on Monday to settle at 6,676.04 as investors digested the depreciation of the peso to a record low and the rise of national debt to a record high at the end of July 2022.

Claire Alviar, research associate at Philstocks Financial Inc., highlighted that the peso remained at 56 levels but is now trying to breach the 57 levels amid the continuing aggressive stance of the Federal Reserve (Fed).

"The PSEi also corrected lower after US stock markets were mostly lower last Friday after stronger-than-expected US non-farm jobs data that could support any further Fed rate hikes. However, US unemployment rate also picked up from among the lowest in 50 years and US factory orders and durable goods orders data were softer," Michael Ricafort, chief economist at Rizal Commercial Banking Corp., added.

As the US observed Labor Day on Monday, Regina Capital Development Corp. Managing Director Luis Limlingan noted that there will be a slew of economic data this week as the Standard and Poors purchasing managers' index data and institute of supply management non-manufacturing index are slotted on Sept. 6, 2022, the July trade balance is due on Sept. 7, 2022, and the release of the Fed's Beige Book on Sept. 8, 2022.

Locally, the August consumer price index data due on Sept. 6, 2022, which could dictate the mood for the rest of the week.

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Lastly, oil prices rallied ahead of the OPEC+ meeting on Sept. 5, 2022, wherein many bet output cuts will be discussed. Brent crude futures went up $0.66 to close at $93.02 per barrel, while the US West Texas Intermediate crude futures rose by $0.26 to end the day at $86.87 per barrel.

Monday's net value turnover was recorded at P3.81 billion, lower than the year-to-date average of P6.30 billion, as investors waited on the sidelines due to the upcoming release of August's inflation rate.

Financials had the most gains, advancing by 1.11 percent. On the other hand, properties lost the most, dropping 0.73 percent.

Decliners won against advancers, 101 to 75, while 54 securities remained unchanged.

BDO Unibank Inc. was the top gainer, increasing 1.72 percent, while ACEN Corp. had the biggest loss of 4.71 percent.