Stock market analysts expect cautious trading ahead of central bank meetings scheduled this week.
The US Federal Reserve will conduct its policy meeting on Sept. 20 to 21, where it is expected to announce a 75 basis point rate hike to control rising inflation.
The Monetary Bank of the Bangko Sentral ng Pilipinas is also scheduled to hold a policy meeting this week.
“The market awaits the decision on the path of the central bank policy meeting amid global domestic headwinds,” BDO Unibank Inc.’s research desk said.
“The sensible path is to retain key exposure in dynamic but resilient sectors that can generate reliable cash flow despite seesaws in the macro backdrop; these includes banks, power and high-dividend yield plays,” said online brokerage firm 2TradeAsia.com.
The bellwether Philippine Stock Exchange Index last week slipped 0.9 percent to 6,548.77, while the broader All Shares Index also dropped 0.9 percent to 3,474.41.