The local stock market continues to see-saw, ending lower today as investors wait for the release of US inflation numbers tonight.
The main index fell by 82.11 points or 1.22 percent with the retreat led by the Services counter while the Banking sector managed to hold its ground. Volume declined to 905 million shares worth P5.23 billion as losers beat gainers 112 to 80 with 55 unchanged.
“Local shares fell back below the 6700 level once more as traders evaluated the year-end rally and awaited Wednesday's CPI report, expected to show a 0.3 percent monthly and 2.7 percent annual rise,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He said the data "could influence the Fed's Dec. 17-18 policy decisions.”
Limlingan added that “Philippine shares slid a volatile session, as concerns over inflation and prolonged high interest rates kept sentiment cautious.”
Philstocks Financial Research Manager Japhet Tantiangco said "The local market declined this Wednesday as investors digested dismal economic data. "
"This includes the widening of our October balance of trade in goods deficit amid the drop in our exports, and the decline of our September foreign direct investment net inflows.
"The World Bank’s downgrade of its Philippine economic growth forecast for 2024 from 6.0 percent to 5.9 percent also dampened sentiment. Finally, the market took cues from Wall Street’s decline," he noted