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Manila Bulletin devider Business devider The Stock Market devider Stocks fall on US inflation rise

Stocks fall on US inflation rise

Published Oct 11, 2024 08:45 am

The local stock market fell as investors worry about the possible impact of the higher-than-expected US inflation rate might have on interest rate cuts.

The main index dropped 101.15 points or 1.36 percent to close at 7,310.32 with the interest rate-sensitive Property sector suffering the biggest loss. A total of 693 million shares worth P5.51 billion changed hands as losers beat gainers 131 to 72 with 44 unchanged.

“Philippine shares fell along with S&P 500 and Dow Jones, retreating from record highs, driven by inflation news that impacted the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

September's CPI rose 0.2 percent, with annual inflation at 2.4 percent , slightly above forecasts but the lowest since February 2021.

“Markets are now considering a cautious U.S. Federal Reserve approach to monetary easing,” he noted.

Philstocks Financial Research Manager Japhet Tantiangco said “The local market fell further this Friday with negative spillovers from Wall Street seen as one of the downsides in today’s session. This is as the US’ September inflation came in above expectations, tempering hopes of a fast-paced policy easing by the Federal Reserve.”

He added that, “The Peso which has remained below the 57.00 per US Dollar level also weighed on the bourse.”

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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