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Manila Bulletin devider Business devider The Stock Market devider Stocks move sideways ahead of US inflation report

Stocks move sideways ahead of US inflation report

Published Sep 12, 2023 09:23 am

The Philippine Stock Exchange index (PSEi) was a tad lower as some investors took profits although most still stayed on the sidelines while waiting for US inflation numbers. 

The main index shed 3.54 points or 0.06 percent to close at 6,230.20 with sectoral indices equally divided. Volume inched up to 535 million shares worth P3.97 billion as losers beat gainers 95 to 79 with 61 unchanged. 

“Philippine shares traded sideways ahead of the key US inflation data release, which comes out tomorrow night. Many are projecting US CPI to creep up to 3.6% based on the latest median estimate of Bloomberg,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “locally, investors' sentiment improved on the back of a proposed reduction in rice import tariffs and possible pause in local policy rates.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse experienced a slight dip as investors took profits on the last minute following its 2-day rally.”

“The market was initially trading in the green boosted by the anticipation that the Federal Reserve will keep its policy rates unchanged. However, a surge of last-minute profit-taking pushed the market into negative territory, exacerbated by the decline in Philippines’ foreign direct investments net inflows,” she noted. 
 

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