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Manila Bulletin devider Business devider The Stock Market devider Stocks fall on US rate concern

Stocks fall on US rate concern

Published Apr 3, 2024 08:18 am

The local stock market fell following renewed concern over US interest rates.

The main index plunged 96.61 points or 1.39 percent to close at 6,863.82 as the Property sector led the retreat. Volume also dropped to 701 million shares worth P4.29 billion as losers outnumbered gainers 119 to 71 with 49 unchanged.

“Philippines shares tumbled for a second straight day after sticky inflation data from last week, as well as some strong economic data, had investors concerned the Federal Reserve will take longer to cut interest rates,” 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 closed in the red, following the negative cues from the US markets overnight as the US long-term treasury yields continued to rise.”

“At home, investors were also taking a cautious stance while waiting for the inflation rate in March, particularly with the expectation that it will be higher than February’s figure,” 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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