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Manila Bulletin devider Business devider Stocks plunge on spike in US inflation rate

Stocks plunge on spike in US inflation rate

Published Feb 11, 2022 05:15 pm

Local share prices fell after the US inflation rose and raised fears of interest rate hikes.

The main index plunged 162.26 points or 2.18 percent to close at 7,270.36 as Holding Firms and Banks led the retreat although the Property sector held its ground. Volume surged to 1.93 billion shares worth P22.83 billion as losers beat gainers 121 to 66 with 50 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippines shares retreated on a red-hot inflation report that could trigger the Fed to hike interest rates as early as March,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The U.S. Jan. CPI report surged to 7.5 percent--a level not seen for about 40 years. In line with this, the 10-year Treasury yield jumped above 2 percent after starting the year at 1.51 percent.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market plunged, tracking Wall Street’s overnight performance. The persistent inflation in the US raised worries over an aggressive monetary tightening by the Federal Reserve this year.”

He added that, “An aggressive monetary tightening in the US is seen to have repercussions on the local economy including capital outflows and a weakening of the Peso.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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