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Manila Bulletin devider Business devider Stocks drop further ahead of US inflation report

Stocks drop further ahead of US inflation report

Published Feb 14, 2023 04:12 pm

The local stock market continued to lose ground as investors expect a rate hike by the central bank.

The main index dropped 47.52 points or 0.69 percent to close at 6,791.24 as the rate-sensitive Property sector led all sub-indices down. Volume improved to 969 million shares worth P7.37 billion as losers beat gainers 103 to 84 with 43 unchanged.

“Investors continued to stay away from the local equities market on concerns over the upcoming monetary-policy setting meeting of the Monetary Board,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

This is deapite US equity fund managers buying up US stocks ahead of the consumer price index reading for January set to be released on Tuesday.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped further ahead of the release of the inflation rate in the US, while waiting for the meeting of the Bangko Sentral ng Pilipinas.”

She added that, “Foreigners further pushed the market down by recording a net selling of P461.38 million.”

Chartwise, Alviar said the market is trending downwards in the short-run, breaching the 6,800 level below. If it fails to return above the 7,800 support level, she said, the next major support would be the 6,600 level.

Related Tags

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