1 month ago
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The local stock market started with a strong bounce but lost most of its intraday gains as investors worry about the impact of steep tariffs the US will be slapping on imports from Canada, Mexico, and China.
The main index added 20.45 points or 0.35 percent to close at 5,883.04 with property firms leading the advance while services declined. Volume was strong at 1.26 billion shares worth P11.37 billion as losers outnumbered gainers 131 to 81 with 30 unchanged.
“Philippine shares got off to a lukewarm start despite the sell off last Friday as investor sentiment soured after the announcement that new tariffs on major trading partners would be implemented, raising concerns about trade tensions and economic uncertainty,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, for this week, key US economic reports to be announced include manufacturing and auto sales data on Feb. 3; job openings and factory orders on Feb. 4; employment and trade data on Feb. 5; jobless claims and fourth quarter 2024 productivity on Feb. 6; and labor market, consumer sentiment, and credit data on Feb. 7.
Back home, the main highlight is the January CPI release on Feb. 5. Other key reports include the S&P Global Manufacturing PMI on Feb. 3, the unemployment rate on Feb. 6, and gross international reserves on Feb. 7.
