The local stock market saw some profit-taking as investors waited to take cues from the release of economic data this week.
The main index shed 13.14 points or 0.20 percent to close at 6,398.77 as Conglomerates led the decline while Banks managed to stay in the green. Volume fell to 4-7 million shares worth P3.3 billion as losers beat gainers 103 to 83 with 53 unchanged.
“Philippine shares started the second half of 2024 softly, slipping 13 points to fall just below the 6,400 mark as investors brace themselves for a new batch of economic data,” said Regina Capital Development Corporation Managing Director Luis Lim.
Data from the US will include the ISM Manufacturing PMI on Monday, Fed Chair Powell’s speech on Tuesday, the JOLTS Job Openings report, the Balance of Trade data, the FOMC Minutes on Wednesday, and the Non-Farm Payrolls report on Friday.
In the Philippines, the Producer Price Index (PPI) will be released on Tuesday and the inflation rate on Friday.