The local stock market started the week lower as concerns over interest rate cuts continue to weigh on investor sentiment.
The main index shed 14.9 points or 0.23 points to close at 6,368.80, pulled down by Banks and Services as a majority of sectors actually advanced. Volume was low at 298 million shares worth P3.11 billion as losers beat gainers 94 to 84 with 57 unchanged.
“The local bourse opened this shortened-trading week in the red amid talks that the BSP to implement fewer rate cuts this year, taking cues from the US Fed moves,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that investors will be watching for key economic data releases this week including the US retail sales report on Tuesday and the Philly Fed manufacturing index on Thursday.
There are also several speaking engagements from Fed officials this week.