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Manila Bulletin devider Business devider The Stock Market devider Stocks move sideways ahead of inflation report

Stocks move sideways ahead of inflation report

Published Dec 4, 2024 07:19 am

The local stock market benchmark ended marginally lower again as investors wait for the release of Philippine inflation numbers for November.

The main index inched down by 4.25 points or 0.06 percent to close at 6,729.96 although only Conglomerates and Miners were in the red. Volume rose to 494 million shares worth P7.55 billion as gainers outnumbered losers 103 to 89 with 42 unchanged.

“Philippine shares traded flat once again as investors await tomorrow's consumer price index release. Several are estimating that the latest inflationary data will be will be slightly above October's 2.3 percent but well within the administration's acceptable range,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Meanwhile, US equities closed mixed ahead of Friday’s jobs report, which could guide the US Federal Reserve's post-FOMC actions. October job openings rose to 7.74 million, beating the 7.5 million estimate.

Philstocks Financial Research Manager Japhet Tantiangco said "The market’s sideways movement this Wednesday ended in the negative territory as negative sentiment within the region caused by the political turmoil in South Korea weighed on the local bourse."

"Investors also digested the Philippines’ latest national government debt data which reached a new record," he noted.

 

Related Tags

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