Philippine share prices opened the week in the red, even as most Asian stocks edged higher, to close below the 6,600 level.
“Investors were awaiting data that could influence the decision of the Bangko Sentral ng Pilipinas regarding interest rates,” Alviar said. Meanwhile, other Asian markets rose Monday, tracking a bounce on Wall Street at the end of a painful week for investors, with eyes now on the upcoming release of key US inflation data.
But the S&P 500 and Nasdaq both benefited Friday from figures showing one-year expectations for prices edged down slightly, while consumer sentiment picked up. Focus is now turning to the release of the US personal consumption expenditures index, which is the Fed’s preferred gauge of inflation. Also coming up is the Fed’s Beige Book on the state of the economy, which will be pored over for an idea about the bank’s thinking on monetary policy.