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Manila Bulletin devider Business devider Stocks weaken on concerns over inflation

Stocks weaken on concerns over inflation

Published Jun 6, 2022 04:34 pm

The local stock market started the week lower as investors continue to worry about inflation and interest rates.

The main index shed 24.52 points or 0.36 percent to close at 6,716.88 as only the Property counter advancing while the Mining and Oil sector led the retreat. A total of 1.88 billion shares worth P5.94 billion changed hands, mainly due to the Raslag listing, as losers trounced gainers 134 to 60 while 47 were unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares started the week slipping into the red as investors continued to bet that the Federal Reserve will tighten monetary policy aggressively to combat surging inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “better-than-expected U.S. jobs data also spurred concerns of aggressive monetary policy tightening.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market edged lower amid the surge in global oil prices and the weakening of the local currency, both of which are seen to post inflationary risks to our economy.”

He noted that, “Investors also took a cautious stance while waiting for the Philippines May inflation report.“

Related Tags

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