Stocks drop ahead of US inflation report

The main index dropped 34.81 points or 0.53 percent to close at 6,472.97 as Banks and Conglomerates led losses while Services and Industrial counters advanced. Volume improved to 622 million shares worth P4.58 billion as losers beat gainers 91 to 72 with 66 unchanged. “Philippine shares succumbed to profit taking ahead of July’s consumer price index report, out Thursday.

“Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped while investors await some key economic data to be released this week. China’s disappointing trade data weighed on sentiment as well.”She noted that China saw a 14.5 percent year-on-year drop in exports while imports also dropped by 12.4 percent.

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