The 30-company Philippine Stock Exchange index slid by 22.28 points, or 0.33 percent, to close at 6,667.09, while the broader all-shares index shed 8.29 points, or 0.23 percent, to settle at 3,585.93.
Ricafort said reports of higher electricity rates and possible lower target for local electronic exports also affected investor sentiment.Financials dropped 1.33 percent, followed by services and mining and oil which declined 0.85 percent and 0.57 percent, respectively. Traders struggled to extend gains on Wall Street, where the Dow chalked up its first record since May, while the dollar rose with Treasury yields on speculation that another Trump tariff battle with China and likely tax cuts could push inflation higher. With AFPsurged since the assassination attempt on him at the weekend, while his choice of JD Vance saw US futures extend gains.
Shanghai was slightly higher with traders awaiting policy measures from China’s leaders as they hold a key economic meeting this week.There was some support after Fed chief Jerome Powell reiterated comments pointing to a possible rate cut following a recent run of positive readings on inflation.