Stock index drops on lack of local leads

Failing to come across leads from the local side, Philippine shares remained sluggish and shoved the benchmark index down at the beginning of the week, mirroring the trend in the still lethargic regional markets.

“With the ghost of the Fed lingering on investors’ crosshairs, the flow of confidence or at least cautious optimism may have to wait for the next round of positive leads,” Jun Calaycay, Accord Capital Equities Corp. analyst, said, referring to the US Federal Reserve.