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Manila Bulletin devider Business devider The Stock Market devider Stocks plunge as PH may miss growth targets

Stocks plunge as PH may miss growth targets

Published May 29, 2024 08:16 am

The PSEi (Philippine Stock Exchange index) continued to fall as investor sentiment was further weighed down by concern that high interest rates will prevent the local economy from hitting growth targets.

The main index plunged 89.93 points or 1.38 percent to close at 6,411.41 led by the losses of Banks. Volume was relatively steady at 685 million shares worth P5.41 billion as losers beat gainers 127 to 70 with 40 unchanged.

“Philippine shares succumbed to more profit taking as the index sank to 6,400 as concerns over inflation, weak demand at Treasury auction, and cautious statements from policymakers dampened sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Geopolitical tensions, like U.S.-China issues impacting Boeing, and fluctuations in vaccine stocks due to bird flu concerns, added to volatility.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as sentiment was dampened by the latest Monetary Policy Report, which stated that the Bangko Sentral ng Pilipinas (BSP) sees the Philippines’ economic growth to miss the government’s target in 2024 and 2025 due to the impact of high interest rates.”

“Overseas, most Asian markets also traded lower as investors assessed inflation rates in the region,” she added.

Related Tags

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