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Manila Bulletin devider Business devider The Stock Market devider PSEi dips below 7,000 as investors react to Trump presidency

PSEi dips below 7,000 as investors react to Trump presidency

Published Nov 8, 2024 08:55 am

The Philippine Stock Exchange index (PSEi) declined to close the week below the 7,000 support level as investors continued to sell local stocks due to concerns regarding the implications of a Trump presidency and slower economic growth. 

The main index dropped by 37.26 points, or 0.53 percent, ending at 6,977.18, with sectoral indices showing mixed results. Trading volume was lower, with 682 million shares worth P6.35 billion exchanged, as gainers outnumbered losers 99 to 94, with 55 shares remaining unchanged.

“The local market extended its decline on Friday as investors continued to factor in the potential implementation of protectionist policies in the U.S. under a Trump presidency and the negative impact these might have on the global economy,” stated Japhet Tantiangco, Research Manager at Philstocks Financial. 

He also noted that “the slowdown in the Philippines’ economic growth in the third quarter has further dampened sentiment. Foreign investors were net sellers, resulting in net outflows of P1.90 billion.”

Philippine shares continued to slide while Wall Street extended its rally following President-elect Trump’s victory, as traders reacted to the Federal Reserve's quarter-point rate cut. 

Luis Limlingan, Managing Director at Regina Capital Development Corporation, said that “Treasury yields fell on Thursday, contributing to recent bond market volatility. The Federal Open Market Committee (FOMC) lowered the target range for the federal funds rate by 25 basis points to 4.50-4.75 percent at its November meeting.” 

He added that the Committee revised its statement to reflect that “labor market conditions have generally eased,” replacing a previous reference to slowing job gains.

Related Tags

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