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Manila Bulletin devider Business devider The Stock Market devider Shares plunge on unfavorable US economic data

Shares plunge on unfavorable US economic data

Published Mar 15, 2024 08:53 am

The local stock market fell due to less than favorable US economic data which further supported growing concern that interest rate cuts are not coming soon.

The main index plunged by 145.64 points or 2.09 percent as the Property sector led the retreat while the Mining and Oil counter was the only one managing to gain. Volume jumped to 1.59 billion shares worth P20.08 billion as losers outpaced gainers 113 to 92 with 38 unchanged.

“Philippine shares were sold down as funds realigned with the latest FTSE rebalancing, which saw a spike in trading activity towards the close,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “equities also dipped as the February producer price index (PPI) surpassed economists' expectations.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse plunged following the negative cues from the US markets after the US’ February producer price index inflation came in above expectations. This weighed on the sentiment as the Federal Reserve’s decision to ease monetary policy this year may not come any sooner.”

She noted that, “The net market value turnover was strong, driven by the impact of the FTSE rebalancing.”

 

Related Tags

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