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Manila Bulletin devider Business devider The Stock Market devider Stocks tumble on dashed rate cut hopes

Stocks tumble on dashed rate cut hopes

Published Apr 11, 2024 08:34 am

The local stock market fell again as investor sentiment has been dampened by dashed rate cut hopes amid rising inflation.

The main index dropped 63.42 points or 0.94 percent as the Property sector led the retreat although Banks and Miners advanced. Volume rose to 747 million shares worth P6.71 billion as losers trounced gainers 134 to 57 with 50 unchanged.

“Philippine shares took another plunge as investors assessed a hot US March CPI reading that fueled worries the Fed may implement fewer rate cuts than expected,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Back home, investors locked in their gains after BSP policy-meeting announcement.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Thursday, the local market dropped as investors took cues from the hawkish pause of the Bangko Sentral ng Pilipinas in its recent policy meeting. BSP rate cut hopes were tempered amid mounting inflationary risks at home.”

“Also, negative spillovers from Wall Street driven by the higher-than-expected US inflation for March clouded investors’ sentiment. The bourse was in the red territory for the whole session,” he added.

Related Tags

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