The local stock market started the week on a positive note ahead of the release of several important economic data in the Philippines and the US.
The main index added 36.68 points or 0.56 percent to close at 6,529.43, although half the sub-indices retreated. Volume rose to 447 million shares worth P5.63 billion as losers beat gainers 104 to 95, with 42 unchanged.
“Philippine shares continued their upward trajectory as the main index closed above 6,500 as investors brace themselves for another week that could give hints to the timing of the Fed's rate cut,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that “this week, key economic data releases for the U.S. include Consumer Inflation Expectations, Consumer Credit Change and Fed speeches on Tuesday, followed by Powell’s speech and crude oil stock changes on Wednesday.”
In the Philippines, the unemployment rate was released on Monday, the balance of trade, exports, and imports are due on Wednesday, and foreign direct investments are due on Thursday.