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Manila Bulletin devider Business devider The Stock Market devider Stocks slip as Fed dashes early rate cut hopes

Stocks slip as Fed dashes early rate cut hopes

Published Feb 1, 2024 09:53 am

The local stock market slipped on signals from the US Federal Reserve that rate cuts may come later than March.

The main index lost 23.43 points or 0.35 percent to close at 6,623.01 as the Mining and Oil counter led the retreat while Banks bucked the trend. Volume dropped to 280 million shares worth P4.15 billion as losers trounced gainers 118 to 46 with 55 unchanged.

“Philippine equities tumbled after Powell in his post-meeting conference discouraged investor hopes for a rate cut as soon as March,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “the local market dropped due to negative spillovers from Wall Street overnight as the Federal Reserve downplayed rate cut hopes for March in its first meeting for the year.

“With the current path of inflation in the US, Fed Chair Jerome Powell stated that the committee is not yet confident to cut rates in their next meeting,” he added.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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