The local stock market opened the week weaker as US bourses dropped as the debt ceiling issue remains unresolved. The main index lost 43.72 points or 0.66 percent to close at 6,620.83 as Banks led the retreat although the Mining and Oil sector bucked the trend with a small gain. A total of 1.73 billion shares worth P7.03 billion changed hands as losers beat gainers 116 to 67 with 47 unchanged. “Philippine shares shed 43.72 points as GOP negotiators halted ongoing debt ceiling negotiations,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse lost ground amid concerns over the US debt ceiling. Investors will be waiting for any developments on the matter, as its resolution or lack thereof could significantly impact the economy and the market. There was also lack of catalyst to drive the market upwards.” “The index ended in the red as Investor sentiment turned negative after US debt ceiling talks were abruptly paused over the weekend,” said China Bank Capital Managing Director Juan Paolo Colet. He added that, “The market’s direction in the coming days will depend mainly on the tone of negotiations on the US debt limit.”