Local share prices softened on profit-taking due to lack of fresh cues as US markets were closed while inflation numbers are not due until Thursday.
The main index dropped 40.49 points or 0.58 percent to 6,882.92 as the Services sector led the retreat while Conglomerates bucked the trend. Volume inched up to 699 million shares worth P5.08 billion as losers beat gainers 109 to 83 with 52 unchanged.
“Philippine shares slipped into the red as investor await the return of foreign funds after the US was on holiday for the Labor Day weekend,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
U.S. stock futures held steady Monday night as traders braced for a potentially challenging September after a volatile August.
Historically, September has been the worst month for the S&P 500 over the past decade.
He added that, “Locally investors are also awaiting the latest CPI, which will be scheduled for release on Sept. 5.“
Philstocks Financial Research Manager Japhet Tantiangco said "The local market declined this Tuesday as investors took profits after a two-day climb."
"The local currency’s depreciation against the US Dollar also weighed on the market. Trading has been tepid as investors continue to wait for catalysts, primarily the Philippines’ August inflation data to be released this week," he noted.