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Manila Bulletin devider Business devider The Stock Market devider PSEi flat as investors remain cautious

PSEi flat as investors remain cautious

Published Dec 12, 2024 08:02 am

The local stock market traded sideways as investors remained cautious even though the US inflation rate was within expectations.

The main index shed 1.36 points or 0.02 percent to close at 6,641.35 with the Property sector leading decliners while Conglomerates and Services advanced. Volume was up at 589 million shares worth P6.18 billion as losers outpaced gainers 96 to 82 with 70 unchanged.

“Philippine shares mirrored the mixed results of the US markets  as investors processed the latest consumer price index figures. November’s CPI report matched economists’ expectations, fueling optimism for another rate cut from the Fed during its policy meeting next week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “locally, investors exercised caution as the Fed will be deciding next week on their interest policy following the US CPI release.”

Philstocks Financial Research Manager Japhet Tantiangco said "the local market’s sideways movement for the day ended in the negative territory as investors maintained a cautious stance, quickly taking advantage of the intra-day gains."

"The Peso’s weakening against the US Dollar, now back below the 58.00 level, also weighed on the bourse. Foreigners were net sellers with net outflows at P381.81 million," he noted.

Related Tags

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