2 months ago
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The local stock market continued its descent as investors wait for positive catalysts while coming to terms with the prospect of fewer interest rate cuts this year.
The main index dropped 43.43 points or 0.68 percent to close at 6,299.67 as Industrials led the decline while Miners and the Property sector managed to advance. Volume rose to 706 million shares worth P5.75 billion as losers beat gainers 114 to 68 with 60 unchanged.
“Philippines shares showed weakness, trading in the red for most of the session as the index closed below 6,300 level,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that meanwhile, "US equities showed mixed results, as rising bond yields fueled a sell-off in growth and tech stocks, while investors awaited bank earnings and inflation data for market stabilization out later this week.”
Philstocks Financial Research Manager Japhet Tantiangco said “the local market continued to decline as investors maintained a cautious stance while waiting for fresh leads.”
“Investors are primarily waiting for the US’ December 2024 inflation rate which could provide clues on the Federal Reserve’s policy outlook. Foreigners were still net sellers with net outflows at P886.66 million contributing to the decline,” he noted.
