Local stocks closed lower yesterday ahead of the release of key economic data from the US and the Bangko Sentral ng Pilipinas' monetary board meeting.

The benchmark Philippine Stock Exchange composite index finished at 6,110.88, down by 5.26 points or 0.09 percent while the broader All Shares index slipped to 3,286.28, down by 9.24 points or 0.28 percent.

The sectoral gauges were mixed but mostly down with property and holding firms closing in the green while the rest finished in negative territory.

Unicapital Securities said investors were holding back ahead of key events such as the US October data release and the BSP's monetary board meeting.

'While there may be potential rate hikes ahead dependent on the outcomes of monthly inflation figures and its current drivers, on a broader perspective, the pace of hikes is slowing, highlighting a positive trajectory and going into its peak in the cycle,' Unicapital Securities said.

Total value turnover reached P2.9 billion. Market breadth was negative, 104 to 63 while 45 issues were unchanged.

Meanwhile, Asian shares were mostly higher yesterday ahead of potentially market-moving developments, including a US-China summit and data releases from the US, Japan and China.

'Asian stocks gained ground as investors awaited US inflation figures, hoping to confirm that interest rates have peaked. Meanwhile, positive geopolitical sentiments filled the backdrop as investors looked forward to anticipated talks between the US and China,' Stephen Innes, managing partner at SPI Asset Management, said in a written commentary.

China is due to release monthly economic indicators on Wednesday, and Japan will announce its latest growth numbers.

On Wednesday, Chinese leader Xi Jinping is set to meet with President Joe Biden on the sidelines of a Pacific Rim summit in California. It will be the first face-to-face encounter in a year between the leaders of the world's two biggest economies.

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