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Manila Bulletin devider Business devider The Stock Market devider Stocks fall prior to US inflation report

Stocks fall prior to US inflation report

Published Jan 10, 2024 08:56 pm

The local stock market fell as investors used weaker US share prices as an excuse to continue taking profits.

The main index dropped 72.41 points or 1.09 percent to close at 6,546.11 as Conglomerates led the retreat with Banks as the only sector mamaging to advance. Volume jumped to 518 million shares worth P11.57 billion as losers swamped gainers 129 to 59 with 37 unchanged.

“Philippine equities followed the sentiment of US markets, which closed lower as many await the latest inflation print,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Tomorrow, analysts and fund managers will shift their focus to the U.S. consumer price inflation report that is expected to show headline inflation rose 0.2 percent in December and 3.2 percent on an annual basis given the slight uptick in fuel and heating prices.”

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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