1 month ago
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Cautious investors continue to sell down stocks while waiting for fresh leads, causing the PSEi to fall for the third straight day.
The main index slid 117.87 points or 1.92 percent to close at 6,037.12 as Property firms and Banks led the retreat while Miners bucked the trend. Volume dipped slightly to 716 million shares worth P5.69 billion as losers outnumbered gainers 111 to 78 with 44 unchanged.
“Philippine shares kicked off the trading week in the red as investors await the latest MSCI rebalancing results, while others will be taking cues from fresh new economic data and possibly more developments on the geopolitical front,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “This week’s key focus is U.S. inflation data on Wednesday, which could shape the Fed’s rate outlook. Fed Chair Powell’s testimony will be closely watched for policy signals, while strong labor data suggests a prolonged pause, with markets eyeing a possible rate cut by July.”
Key economic releases, including retail sales, industrial production, and producer prices, will provide further insights, alongside Treasury auctions gauging market sentiment.
On the local front, the BSP’s Monetary Board interest rate decision on Feb. 13 takes center stage, with November FDI data due on Feb. 12 and December cash remittances set for release on Feb. 14.
