The local stock market lost ground as investors wait for the President’s State of the Nation Address (SONA).
The main index dropped 53.86 points or 0.86 percent to close at 6,209.53 as Banks led the retreat although the Property and Mining counters managed to advance. Volume remained thin at 517 million shares worth P4.3 billion as losers trounced gainers 114 to 61 with 47 unchanged.
“Philippine shares started the last trading week of July quietly, as stateside will have a busy week ahead, both on the earnings and economic data front,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined as most investors are in a wait-and-see mode while waiting for President Marcos' first State of the Nation Address (SONA) and the Federal Reserve's meeting this week.”
She noted that, “many investors expect to hear a concrete plan for the next 6 years from the current administration, especially amid many headwinds locally and globally. Overseas, most markets await the Fed meeting to see how aggressive the Fed will be as it will greatly affect different currencies value.”