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Manila Bulletin devider Business devider The Stock Market devider Stocks dip ahead of US vote, Fed meet

Stocks dip ahead of US vote, Fed meet

Published Nov 4, 2024 08:12 am

The local stock exchange traded sideways as investors wait for the US elections and Federal Reserve meeting.

The main index shed 6.86 percent or 0.10 percent to close at 7,136.10 with the Mining counter posting the steepest drop while Conglomerates and Services improved. Volume was low at 588 million shares worth P4.65 billion as losers outnumbered gainers 107 to 76 with 58 unchanged.

Regina Capital Development Corporation Managing Director Luis Limlingan said “market focus intensifies on key U.S. events, with investors keeping a close watch on the November 5 elections and the Federal Reserve’s policy meeting. Any indications from the Fed regarding future rate adjustments could shape market sentiment.”

“Locally, the economic calendar is equally eventful. Monday kicks off with the release of October’s S&P Global Manufacturing PMI, followed by Tuesday’s inflation data," he said.

“Wednesday brings updates on employment, trade balance, and industrial production. The week concludes on Thursday with the release of third quarter GDP growth figures and foreign exchange reserves,” Limlingan added.

Philstocks Financial Research Manager Japhet Tantiangco said "the local market closed lower as investors maintained a cautious stance while waiting for crucial economic data to be released this week, as well as the US’ upcoming presidential elections."

"Investors are taking into consideration expectations of a higher inflation in October and a slowdown in GDP growth in the third quarter," he noted.

 

Related Tags

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