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Manila Bulletin devider Business devider The Stock Market devider Stocks drop after US Fed signals more rate hikes

Stocks drop after US Fed signals more rate hikes

Published Aug 17, 2023 08:49 am

The local stock market weakened again after sentiment was dampened by statements made by the US Federal Reserve. 

The main index dropped 45.12 points or 0.70 percent to close at 6,364.97 as Conglomerates led the decline with only the Services counter managing to hold its ground. Volume improved to 343 million shares worth P4.92 billion as losers beat gainers 95 to 74 with 62 unchanged. 

“Investors locked in their gains ahead of the MB policy-rate decision announcement today. The street expects that the BSP won't be mimicking the Fed's recent rate hike this time around,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

“Note that in the FOMC minutes, officials noted that additional tightening would be needed to combat inflation,” he added.

Philstocks Research and Engagement Officer Mikhail Plopenio said, “the local market dropped due to negative spillovers from Wall Street overnight amid hawkish statements from the Federal Reserve.”

“Higher inflation expectations following BSP Deputy Governor Francisco Dakila Jr.’s statement that the BSP may raise their inflation forecast (which it has actually done in the latest policy meeting), and mounting growth projection downgrades for the Philippine economy also weighed on sentiment,” he said.
 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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