The local stock market ended the week lower as there was no surprise from the Bangko Sentral meeting yesterday. The main index declined by 18.77 points or 0.26 percent to close at 7,280.57 as the Mining and Oil counter led the retreat while the Services and Property counters managed to stay in the green.
“Philippine shares fell as investors digested the latest statement from the BSP, earnings reports from US retailers and an update on the employment market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Monetary officials also warned about possible inflation risks next year like typhoons and fare increases.”
“Globally inflation remains front and center for investors, and stock markets regionally initially slipped after New York Federal Reserve Bank President John Williams said inflation is becoming more broad-based and that expectations for future price increases are rising,” Limlingan said.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its decline as strong catalysts are yet to be seen causing investors to take profits while maintaining a cautious stance.”