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Manila Bulletin devider Business devider The Stock Market devider PSEi falls as investors eye US inflation, local Investment data

PSEi falls as investors eye US inflation, local Investment data

Published Dec 9, 2024 09:03 am

The Philippine Stock Exchange index (PSEi) opened the week lower as investors awaited US inflation data and Philippine investment and trade numbers.

The main index dropped 48.57 points, or 0.72 percent, to close at 6,680.57. Conglomerates led the decline, while Banks and Services managed to advance. Volume rose to 3.32 billion shares, worth P8.54 billion, as losers outnumbered gainers 103 to 77, with 62 unchanged.

"Philippine shares slid back below 6,700 as the spotlight in the US this week is on the CPI report, scheduled for release on Wednesday," said Luis Limlingan, Managing Director of Regina Capital Development Corporation.

He added, "Locally, investors are closely monitoring the release of September's foreign direct investments data and October's balance of trade figures, set to be published on Dec. 9 and 10, respectively."

Michael Ricafort, Rizal Commercial Banking Corporation (RCBC) chief economist, said the PSEi declined after the US dollar/peso exchange rate corrected higher on Monday.

Despite the decline, Ricafort noted some offsetting positive factors, including possible window-dressing activities before the accounting year-end and the fact that the US dollar/peso exchange rate remains among 1.5-month lows.

He added that the PSEi is still higher by more than 120 points from the immediate low of 6,557.09 posted on November 17, 2024.

Other positive factors for the PSEi include global crude oil prices near two-month and three-year lows, and the benchmark 10-year US Treasury yield remaining among 1.5-month lows at 4.16 percent.

Ricafort also noted that US stock markets mostly gained, by 0.2 percent to 0.8 percent, to new record highs for the S&P 500 and the Nasdaq, following mixed US jobs/employment data in November 2024.

Looking ahead, Ricafort highlighted that US Fed Fund Futures are pricing in about a -0.22 or less than one -0.25 more Fed rate cut at the next Fed rate-setting meeting on Dec. 18, 2024, with about an 87 percent chance.

He also noted that global crude oil prices remain near two-month and three-year lows, which could support inflation towards/within the central bank target and justify future rate cuts.

 

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Regina Capital Development Corporation Luis Limlingan Philippine Stock Exchange index (PSEi)
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