The local stock market dropped further as investors continued to wait for market-moving news, particularly those related to possible interest rate cuts, both here and in the US.
The main index lost 39.81 points or 0.62 percent to close at 6,358.96 as Banks led the retreat. Volume improved but remained low at 422 million shares worth P3.94 billion as losers outnumbered gainers 110 to 65, with 48 unchanged.
“Philippine shares were sold down, with investors keeping to cash as Fed Chair Jerome Powell will speak later today before a policy panel at the European Central Bank Forum. Investors will closely monitor what he might say at the forum,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said, “The local bourse extended its decline amid continuous profit-taking, while many investors were cautious, waiting for the June inflation rate.”
She added that, “The slight decline in S&P Global Philippines Manufacturing PMI, which signified a growth slowdown weighed on sentiment. Foreign investors pulled the market further down as it registered a net selling of P310.09 million."