Philippine shares may keep falling this week due to US election, economic data

Philippine shares may continue to decline this week as cautious sentiment persists ahead of the US presidential election and key economic data releases.

On Thursday, the benchmark Philippine Stock Exchange index (PSEi) dropped by 1.88% or 137.28 points to close at its lowest level in over six weeks.

The PSEi declined further on Monday, closing at 7,136.10, a seven-week low and down 0.09% from the previous day.

Philstocks Financial analyst Japhet Louis O. Tantiangco expects negative sentiment to continue due to higher inflation expectations and slower GDP growth data.

The Philippine Statistics Authority will release October inflation and third-quarter GDP data this week, which could influence market sentiment.

Regina Capital Development Corp.'s Head of Sales Luis A. Limlingan noted that any indications from the Federal Reserve's policy meeting on Nov. 6-7 regarding future rate adjustments could shape market sentiment.