Share prices declined yesterday as investors waited for strong leads to trade the market.
The peso closed down.
The Philippine Stock Exchange index was down 34.44 points or by 0.52 percent to 6,613.36.
The broader All Shares index was down 9.7 points or 0.27 percent to 3,598.54.
Losers edged gainers 105 to 79 with 52 stocks unchanged. Trading turnover reached P3.67 billion.
The peso closed at 57.316 to the dollar, down from 57.28 on Friday.
The currency opened at 57.299 and hit a high of 57.25 and a low of 57.42. Trading turnover reached $1.18 billion.
Currencies were mostly lower Monday, as markets switched focus to key US and regional data expected this week, seeking further clues to prospects for global economic growth.
Investors await readings on US consumer prices and retail sales for July, due later in the week, which could provide fresh evidence on the chances of a soft landing for the world’s top economy and further clues to the Federal Reserve’s monetary policy stance.
Markets are pricing in a 53.5- percent chance of a 25 bps cut and a 46.5 percent probability of a 50 bps interest rate cut at the Fed’s September meeting, the CME Fedwatch tool shows.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors awaited the latest results of the MSCI rebalancing.
“In addition, many will be making bets ahead of the BSP (Bangko Sentral ng Pilipinas) meeting on Thursday, as many are jostling what will be the Monetary Board’s stance with policy rates,” he said.
Most actively traded SM Investments Corp. was down P20 to P910. BDO Unibank Inc. was down P4.40 to P139.60. SM Prime Holdings Inc. was down P0.50 to P29. International Container Terminal Services Inc. was up P7.20 to P365. PLDT Inc. was up P33 to P1,594.
Globe Telecom Inc. was up P16 to P12,312. Metropolitan Bank and Trust Co. was up P1.50 to P69. DigiPlus Interactive Corp. was up P0.82 to P18. Universal Robina Corp. was down P0.30 to P99.80. Bank of the Philippine islands was up P0.70 to P118.70.
