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Manila Bulletin devider Business devider The Stock Market devider PSEi weighed down by US losses

PSEi weighed down by US losses

Published Dec 13, 2024 08:43 am

The local stock market ended the week lower as investor sentiment was weighed down by the decline in US bourses.

The main index dropped 24.84 points or 0.37 percent to close at 6,616.51 as Conglomerates fell although sectoral indices were evenly mixed. Volume declined to 1.2 billion shares worth P5.02 billion as gainers beat losers 103 to 88 with 52 unchanged.

“Philippine shares followed the sentiment abroad, despite an (US) inflation report that came in line with expectations. The producer price index went beyond expectations, driving the 10-year Treasury yield higher, as investors anticipated the Fed's policy meeting after an in-line CPI report,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

The Dow fell by 0.53 percent to 43,914.12, the S&P 500 declined by 0.54 percent to 6,051.25, and the Nasdaq lowered by 0.66 percent to 19,902.84.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market took cues from Wall Street’s decline overnight driven by the US’ November producer price inflation which came in higher than expected. The Peso’s weakening against the US Dollar also weighed on the bourse."

Related Tags

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