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Manila Bulletin devider Business devider The Stock Market devider PH shares continue to fall amid rate cut uncertainty

PH shares continue to fall amid rate cut uncertainty

Published Jun 14, 2024 08:31 am

PH shares continue to fall amid rate cut uncertainty 

The local stock market inched lower for a full week of decline as investors opted to sit out the long weekend amid uncertainty over future rate cuts.

The main index shed 7.13 points or 0.11 percent to close at 6,383.70 with the Mining and Oil sector leading the retreat while Banks and Property firms moved up. Volume fell to 298 million shares worth P3.11 billion as losers beat gainers 94 to 84 with 57 unchanged.

“The local bourse ended the week in the red as investors digested the latest statements from the BSP regarding potential rate cuts,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Finance Secretary Ralph Recto anticipates more than one rate cut this year, likely following the Fed's expected policy easing. The BSP indicated it would consider inflation and the interest rate differential between the Fed and domestic rates before making any cuts.”

Philstocks Assistant Research Manager Claire Alviar said “The local bourse dropped as investors took more gains, while others chose to stay on the sidelines ahead of the long weekend.”
 

“Uncertainty over the direction of the Philippine interest rates in the near term provided negative sentiment, following remarks of Finance Secretary Ralph Recto that the Bangko Sentral ng Pilipinas (BSP) may only ease monetary policy after the Federal Reserve makes the first cut. This could mean that the current high interest rates may stay longer than anticipated,” she noted.

Related Tags

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