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MANILA, Philippines–Local stocks weakened for the third straight session on Monday as investors across the region turned cautious ahead of the “ghost month” and a forthcoming US Federal open market commitee (FOMC) meeting.
The main-share Philippine Stock Exchange index lost 45.96 points or 0.68 percent to close at 6,717.66.
Across the region, stock markets were mostly in the red as investors awaited the stream of second quarter corporate earnings result, further clues on US monetary policy from the July 30-31 FOMC meeting while some investors remained on the sidelines as the “ghost month” drew nearer.
The so-called “ghost month” will start on August 7 and end on September 4 and expected to result in meager trading volumes in the market.
Volume turnover amounted to P5.7 billion. There were only 59 advancers which were outnumbered by 101 decliners while 34 stocks were unchanged.