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Manila Bulletin devider Business devider The Stock Market devider Stocks fall as Fed signals slower pace of rate cuts

Stocks fall as Fed signals slower pace of rate cuts

Published Dec 19, 2024 08:12 am

The local stock market dropped below the 6,400 level after the US Federal Reserve signaled a slower pace of rate cuts next year.

The main index fell 73.48 points or 1.14 percent to close at 6,395.60 with the Mining and Oil sector suffering the biggest loss. Volume grew to 595 million shares worth P6.03 billion as losers beat gainers 126 to 72 with 41 unchanged.

“Philippine shares continued to drop following Federal reserve’s rate cut decision of 25-basis point,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “US equities fell on Wednesday, recording lows despite Federal reserve’s 25-basis point cut as Fed hints slower pace of cuts by 2025, pushing Treasury yields higher while dragging stocks.”

Philstocks Financial Research Manager Japhet Tantiangco said “the local market took cues from Wall Street’s drop driven by the Federal Reserve’s trimmed projections on its rate cuts next year. 

“Concerns over the signing of the Philippines’ 2025 national budget and the lingering weakness of the local currency also weighed on the bourse,“ he added.

 

Related Tags

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