The local stock market dipped slightly as investors turned cautious ahead of the release of US economic data.
The main index shed 4.86 points or 0.07 percent to close at 6,848.43 as Miners led the decline while Banks and Property firms advanced. Volume was firm at 897 million shares worth P5.79 billion as losers beat gainers 114 to 84 with 48 unchanged.
“Philippine shares softened ahead more economic data and the release of Nvidia's inaugural AI conference,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Investors await guidance on monetary policy as the Federal Reserve starts its two-day meeting on Tuesday. Concerns arise from recent inflation reports, suggesting the central bank may signal prolonged higher interest rates.“
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Tuesday, the local market dropped due to last-minute profit-taking.”
He added that, “Investors seem to be cautious ahead of the Federal Reserve’s policy meeting given that the US’ producer price index data last Friday was higher-than-expected. This resulted in a sideways movement of the market for Tuesday’s session.”