Manila, Feb. 17 -- Local shares declined amid investors' cautious stance, while the peso weakened on the first trading day of the week.

The Philippine Stock Exchange index (PSEi) fell by 1.12 percent to 5.993.48 while All Shares also slipped by 0.50 percent to 3,611.16.

"Philippine shares kicked off the trading week in the red as the local bourse closed below the 6,000 mark. Investors remained cautious despite higher-than-expected cash remittances at USD3.38 billion," Regina Capital Development Corporation head of sales Luis Limlingan said.

Almost all sectors closed in the red, with Property recording the biggest decline at 3.06 percent.

Mining and Oil and Services, however, rose by 2.70 percent and 0.51 percent, respectively.

Declin...