Philippine stocks continued to pull back ahead of the US presidential election and the Federal Reserve’s policy meeting slated later this week.
The benchmark Philippine Stock Exchange index dropped 6.86 points, or 0.10 percent on Monday to close at 7,136.10. The broader all-shares index declined 5.55 points, or 0.14 percent, to settle at 3,951.66.
The peso closed at 58.34 against the US dollar Monday, down from 58.10 on Oct. 31, 2024.
Metrobank Wealth Insights’ team said investors would continue to monitor a slew of corporate earnings releases and key data results, including possible upticks in local unemployment and inflation rates.
Investors will also closely monitor the outcome of the Fed’s policy meeting, which is expected to cut the policy rate by 25 basis points to 4.75 percent.
“On the foreign front, the outcome of the US presidential election will weigh on the market later in the week. A potential Republican victory may cause heavy selling pressure in anticipation of tighter trade policies, while a Democratic win could be cheered by investors for maintaining the status quo on policies and trade ties,” the team said.
Sectoral performance was mixed. Holding firms edged up by 1 percent and services by 0.88 percent. Mining and oil declined by 1.93 percent and property by 1.35 percent.
Value turnover reached P4.42 billion, with 76 advancers against 107 decliners and 57 unchanged issues.
International Container Terminal Services Inc. jumped 2.77 percent to P4.05, while Bank of the Philippine Islands declined 1.05 percent to P141.70.
