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Manila Bulletin devider Business devider The Stock Market devider Stocks dip over potential rate hikes

Stocks dip over potential rate hikes

Published Oct 11, 2023 08:41 am

The local stock market declined as investors mull over potential rate hikes from the central bank.

The main index dipped by 10.11 points or 0.16 percent closing at 6,253.96, with a majority of sectoral indices incurring losses, led by the Mining and Oil sector which was down by 90.25 points or 0.81 percent.

The total volume of shares traded reached two billion valued at P10.7 billion as gainers take a marginal lead over losers 100 to 93 with 46 unchanged.

According to Regina Capital Development Corporation Managing Director Luis Limlingan, “local shares edged lower ahead of the United States (US) inflation release, coupled with the Bangko Sentral ng Pilipinas (BSP)'s statement not ruling out a potential quarter-point hike in November.”

“US oil prices fall with investors focusing on demand levels, but still cautious on supply disruptions. Brent ($87.70) and WTI ($85.91) crude are down by -0.51 percent and -0.54 percent respectively,” he added.

For Philstocks Financial Assistant Research Manager Claire Alviar, “the local bourse dropped due to last-minute profit taking.”

“The market was initially trading in the green thanks to the positive sentiment brought by the jump in net inflows of Foreign Direct Investments in July, however, it gave up gains at the last minute,” she explained.


 

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