MANILA–Philippine stocks started the trading week in the red amid rising US Treasury yields and growing concerns over China’s economy,
The 30-company Philippine Stock Exchange index fell 70.57 points, or 1.12 percent, to close at 6,219.70, while the broader all-shares index slipped 28.52 points to settle at 3,354.89.
“Although most Asian markets were in positive territory, sentiment in our market remained weak as rising US treasury yields and underwhelming China interest rate cut have prompted investors to reassess their risk exposure to equities,” China Bank Capital managing director Juan Paolo Colet said.
Colet said while the market is ripe for technical rebound, many investors remain cautious ahead of the United States Federal Reserve’s annual economic policy symposium slated later this week.
