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Manila Bulletin devider Business devider The Stock Market devider Stocks drop ahead of US inflation report

Stocks drop ahead of US inflation report

Published Mar 11, 2024 09:07 am

The local stock market lost the bulk of last Friday’s gains after US bourses closed lower.

The main index fell 69.97 points or 1.01 percent to close at 6,872.24 as the Property sector led the retreat across the board. Volume dropped to 507 million shares worth P3.76 billion as losers trounced gainers 125 to 62 with 53 unchanged.

“Philippine shares receded as investors await the US CPI inflation reading, while others gear for the FTSE rebalancing at the end of the week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said that, “Along with the Asian markets, the local bourse dropped following the negative cues from Wall Street last Friday, while investors awaited the release of US inflation data this week.”

“Moreover, foreign investors weighed on the market performance, registering a net outflow of P277.68 million,” she added.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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