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Manila Bulletin devider Business devider The Stock Market devider Stocks ease as investors wait for cues

Stocks ease as investors wait for cues

Published Dec 11, 2023 09:08 am

The PSEi dipped as investors wait for fresh cues although sentiment was also dampened by the Bangko Sentral ng Pilipinas’ (BSP) signal that it is not lowering rates soon. 

The main index shed 6.48 points or 0.10 percent to close at 6,228.29 as Banks led the decline while Conglomerates and Property firms advanced. Volume was still weak at 392 million shares worth P4.06 billion as losers outnumbered gainers 118 to 64 with 48 unchanged. 

“Philippine shares closed slightly lower as markets braced for the start of a new trading week,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “for the next few days, investors will be watching following economic data releases such as the US Nov. CPI reading, PPI, Fed interest decision, and S&P Global Mfg. PMI. Here at home, investors await the release of the Oct. BoT, FDI, BSP meeting, and Cash remittances.”

Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse dropped as investors digested the statement of the BSP Governor Eli Remolona, Jr. that it is premature to discuss policy easing in 2024, prompting negative sentiment due to potential adverse impacts on the economy with prolonged elevated interest rates.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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