Philippine stocks edged lower for second straight trading day ahead of US Federal Reserve chair Jerome Powell’s speech at the European Central Bank forum.
Alviar said foreign investors also pulled the market further down as the market registered foreign selling of P310.09 million. Value turnover stood at P3.61 billion. Speculation about a second term for the Republican rose on the Supreme Court’s ruling that all former leaders had “absolute immunity” from criminal prosecution for “official acts” taken while in office but could still face criminal penalties for “unofficial acts”.
“Those two headlines, and given the reaction to President Biden’s first debate, continue to suggest a Trump presidency is looking more likely at this stage,” Tapas Strickland at National Australia Bank said in a commentary.