Philippine stocks fell for the third consecutive trading session ahead of the US Federal Reserve’s meeting.
The 30-company Philippine Stock Exchange index closed at 6,410.07, down 48.57 points, or 0.75 percent from the previous trading, while the broader all-shares index lost 17 points, or 0.5 percent, to settle at 3,450.05.
Financial markets will be closed Wednesday in celebration of Philippine Independence Day.
Regina Capital Development Corp. head of sales Luis Limlingan said investors locked in their gains ahead of the conclusion of Fed policy meeting and the latest US inflation data.
Philstocks Financial Inc. research analyst Mikhail Plopenio said investors also digested the International Monetary Fund’s downward revision of its economic growth target for the Philippines after the slower-than expected first quarter result.
