Philippine stocks opened the week in the red amid reduced likelihood of a rate cut after July inflation rate reached 4.4 percent.
Regina Capital Development Corp. head of sales Luis Limlingan said investors also stayed on the sidelines ahead of the release of MSCI rebalancing later this week. MSCI or the Morgan Stanley Capital International index is designed to measure the performance of the large and mid-cap segments of the market.
Meanwhile, Asian markets mostly rose Monday as investors tried to move on from last week’s upheaval fueled by US recession worries, with focus shifting to the release of key inflation and retail data. The consumer price index and retail sales reports this week could provide the Federal Reserve more room to cut interest rates.