The local stock market fell on continued profit-taking as investors wait for key economic data to be released later this week.
The main index plunged by 155.65 points or 2.1 percent to close at 7,272.65 with Conglomerates suffering the biggest loss. Volume was still strong at 1.08 billion shares worth P7.21 billion as losers outnumbered gainers 115 to 93 with 45 unchanged.
“Philippine shares fell due to profit-taking ahead of September CPI data on Friday. The September S&P PMI Manufacturing and August PPI are also due this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
In the U.S., key data releases include the JOLTS report, ISM Manufacturing Index on Tuesday, and the employment report on Friday, alongside speeches from Fed Chair Powell and other officials.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market plunged this Monday as investors continued with their profit taking. Investors decided to book gains as the market has already been on a four-week rally.“
“The market also took a cautious stance while waiting for economic data this week, primarily the Philippines’ September inflation rate,” he noted.