Local stocks opened the trading week in the red as investors exercised caution ahead of the release of key economic data in the US and the Philippines.
The Philippine Stock Exchange index lost 1.77 points, or 0.03 percent, to close at 6,124.57 Monday, while the broader all-shares index dropped 10.94 points, or 0.33 percent, to settle at P3,309.24.
“Philippine shares traded quietly to start the week as investors await the main event this week, which is Monetary Board policy setting meeting on Sept. 21,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Limlingan said the US Federal Reserve, which would also have a policy meeting this week, was expected to keep its rates unchanged, with rate cuts unlikely before the second quarter of 2024.
The Bangko Sentral ng Pilipinas is also expected to keep its rates steady on Thursday.