The main index lost 38.13 points or 0.59 percent to close at 6,474.26 as the Property sector led the retreat with only Banks holding steady. Volume was still low at 746 million shares worth P3.99 billion as losers beat gainers 100 to 73 with 51 unchanged.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market dropped as investors took the negative cues from Wall Street overnight after the Federal Reserve’s latest minutes of the meeting wherein majority of the members agreed to hike rates further.” China Bank Capital Managing Director Juan Paolo Colet said “The index fell as investors turned negative after a review of the minutes of the Federal Reserve’s June meeting reaffirmed the hawkish trajectory of US monetary policy.”