Index sheds 156 pts from profit-taking

The local bourse on Monday continued a downslide, losing 155.65 points, or 2.10 percent, to close at 7,272.65.

All sectors were in red, with Holding Firms as the biggest loser, decreasing by 2.84 percent, followed by Properties and Financials down by 1.95 percent and 1.78 percent, respectively.

According to Philstocks, only two index members gained — ACEN Corporation, up 0.94 percent, and Globe Telecom Inc., up 0.71 percent. SM Investments Corporation was at the bottom, plunging 4.02 percent to P956.00.

“Philippine shares fell due to profit-taking ahead of September CPI data on Friday. The September S&P PMI Manufacturing and August PPI are also due this week,” Regina Capital Development Corp. head of sales Luis Limlingan said in a Viber message.

He added that key economic data releases this week for the US include the JOLTS report, the ISM Manufacturing Index on Tuesday, and the employment report on Friday, alongside speeches from Fed Chair Powell and other officials.

Gold posts highs

“Gold saw its strongest quarter in eight years, with spot prices reaching record highs before dipping 0.7 percent. Oil prices declined, with WTI down 5 percent and Brent 4 percent, as concerns over increased Saudi supply outweighed China’s economic stimulus efforts,” the stock analyst said.