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Manila Bulletin devider Business devider The Stock Market devider Stocks drop on higher Nov. inflation rate

Stocks drop on higher Nov. inflation rate

Published Dec 5, 2024 07:58 am

Local share prices eased for the third straight day due to the higher inflation rate for November.

The main index dropped 39.19 points or 0.58 percent to close at 6,690.77 as the Services sector led the retreat while Conglomerates and Miners bucked the trend. Volume was lower at 863 million shares worth P6.33 billion as losers beat gainers 118 to 87 with 50 unchanged.

“Philippine shares slid below 6,700 once again with investors selling on news after the November CPI came in slightly higher than the previous month,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Overall, the 2.5 percent CPI print was more or less in-line with the street view.”

On the other hand, overseas markets were steady despite Fed Chair Jerome Powell’s cautious tone on rate cuts while sentiment also weakened due to political unrest in South Korea.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market extended its decline as investors maintained a cautious stance while waiting for new key catalysts. The exit of foreign funds also continued to weigh on the market."

 

Related Tags

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