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Local stocks traded sideways Monday ahead of President Ferdinand Marcos Jr.’s State of the Nation Address.
The 30-company Philippine Stock Exchange index slipped 16.31 points, or 0.25 percent, to close at 6,631.25, while the broader all-shares index went down 4.19 points to 3,526.71.
China Bank Corp. managing director Juan Paolo Colet said trading started in the green but closed the day in the red as investor sentiments turned cautious ahead of SONA.
“Market value turnover was relatively thin with many traders on the sidelines as they await this week’s news flow,” Colet said.
“Reaction to the SONA may drive market activity tomorrow, but investors are likely to hold off their major bets until the Federal Reserve’s policy meetings,” he said.
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