The benchmark Philippine Stock Exchange index ended the first trading day of the week below the 7,000 level after investors cashed in following negative cues in Wall Street last Friday.
Shares at the local bourse on Monday declined by 90.77 points to 6,936.61, down by 1.29 percent from last week’s close.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that the strong jobs report in the United States caused fear that the Federal Reserve would hike interest rates further.
“This made investors worried that the Federal Reserve would hike interest rates further. At home, investors took some profits while waiting for the country’s inflation report for last month that will be released on Tuesday,” Alviar said.
Deluge of data coming
“Shares were sold ahead of the January inflation print tomorrow, and investors kept cash with many awaiting the latest economic updates globally,” according to Regina Capital Development Corp. managing director Luis Limlingan.
Today, 7 February, the government will release the latest inflation reading and unemployment rate.