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Manila Bulletin devider Business devider The Stock Market devider Stocks drop as inflation quickens

Stocks drop as inflation quickens

Published Mar 5, 2024 08:48 am

Local share prices dropped after the government reported that inflation rose higher than expected last month.

The main index lost 46.21 points or 0.66 percent to close at 6,905.46 as Banks led the retreat while Conglomerates advanced. Volume was still firm at 425 million shares worth P5.37 billion as losers beat gainers 113 to 77 with 50 unchanged.

“Philippine shares continued to succumb to profit taking, as the latest CPI ticked higher than many analysts' forecasts,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “after 5 months of continued deceleration, the cost of goods finally climbed up to 3.4 percent in February driven food, and transportation. On the positive, core inflation continued to moderate falling to 3.4 percent from 3.6 percent the previous month.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “this Tuesday, the local market dropped as investors digested the inflation data for February which came in at 3.4 percent , higher than January’s 2.8 percent. This also broke the 4-month declining trend of inflation.”

“Wall Street’s decline overnight spilled over to the bourse as well amid profit-taking after the S&P 500 and NASDAQ reached record highs last week,” he added. 

Related Tags

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