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Manila Bulletin devider Business devider The Stock Market devider Stocks drop following high US inflation

Stocks drop following high US inflation

Published Oct 20, 2023 09:21 am

The local stock market ended the week down as investors are wary of climbing inflation rates in the US.

The main index dropped by 76.26 points or 1.23 percent closing at 6,142.90 with all sectoral indices in red, and the Mining and Oil sector severely plummeting by 655.58 points or 6.05 percent. 

Total volume of shares traded closed at 627 million valued at P4 billion as losers trump gainers 136 to 44 with 56 unchanged. 

Philstocks Financial Assistant Research Manager Claire Alviar said "along with our Asian peers, the local bourse dipped amid worries over the statement of Federal Reserve (Fed) Chair Jerome Powell, saying that the inflation was still too high and would likely require lower economic growth."

"Investors reacted negatively to the statement leading to the increase in 10-year Treasury yields which weighed further on the sentiment in the market," she added. 

She noted that, "among index members, only four stocks were able to post gains, led by PLDT Inc. [PSE: TEL] increasing by 0.91 percent." 

Regina Capital Development Corporation Managing Director Luis Limlingan had similar sentiments saying "Philippine shares ended the week in the red as investors turned more cautious following Fitch Group's statement that inflation will likely stay elevated for an extended period." 

"Additionally, the recent statement by Fed Chair Powell weighed on the local and global markets. He said inflation remains too high and lower economic growth will likely be needed to bring it down," he added.

 

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Philippine Stock Exchange index (PSEi) stock market
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