Philippine stocks continued to pull back ahead of the US presidential election and the Federal Reserve’s policy meeting slated later this week.
Metrobank Wealth Insights’ team said investors would continue to monitor a slew of corporate earnings releases and key data results, including possible upticks in local unemployment and inflation rates. “On the foreign front, the outcome of the US presidential election will weigh on the market later in the week. A potential Republican victory may cause heavy selling pressure in anticipation of tighter trade policies, while a Democratic win could be cheered by investors for maintaining the status quo on policies and trade ties,” the team said.
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