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Manila Bulletin devider Business devider The Stock Market devider Stocks, peso fall due to inflation

Stocks, peso fall due to inflation

Published Jun 4, 2024 08:30 am

The local stock market resumed its downward trend as investors remained jittery over high inflation and the weaker peso. 

The peso continued to decline further, closing at P58.71 to  a US dollar on Tuesday, June 4, 2024 from P58.68 on June 3. The weighted average rate was at P58.681 from P58.532 previously. Meanwhile, total volume reached $1.317 billion from $1.315 billion, based on Bankers Association of the Philippines data.

The main stock index fell 84.32 points or 1.30 percent to close at 6,386.42 as Conglomerates led all sectors down. Volume was relatively firm at 500 million shares worth P6.01 billion as losers outnumbered gainers 128 to 80 with 32 unchanged.

“Philippine shares concluded trading Tuesday in the red following BSP Governor Eli Remolona's statement about the potential for cutting the benchmark rate ahead of the Federal Reserve,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He explained that “this suggests ongoing pressure on the PHP against the dollar, given expectations that US rates will remain elevated for a longer period.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse’s plunge reflects negative investor sentiment due to concerns about rising inflation and a weakening peso.”

“Inflation for May, to be released tomorrow, is expected to exceed the government's target range of 2 percent to 4 percent. For Philstocks, we expect inflation to settle at 4.1 percent," said Alviar.

Related Tags

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