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Manila Bulletin devider Business devider The Stock Market devider Stocks weaken prior to US Fed meeting

Stocks weaken prior to US Fed meeting

Published Jul 30, 2024 08:02 am

Local share prices declined further as investors wait for more news that will point to when interest rates will start going down.

The main index dropped 42.87 points or 0.64 percent to close at 6,606.36 as Banks continued to lead the retreat while the Industrial and Services sectors recovered some lost ground. Volume was low at 739 million shares worth P4.63 billion as losers outnumbered gainers 118 to 74 with 43 unchanged.

“Philippines' shares closed near the 6,600 mark following the mixed session in the US as fund managers continue to sell before the closing of the month, which saw July rise substantially,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “the Fed’s two-day meeting begins Tuesday, where Chief Jerome Powell may signal upcoming rate cuts. Investors are also awaiting the Fed meeting, which could influence the Bangko Sentral ng Pilipinas' rate decision.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “the local market dropped as investors worry over the local currency which has been showing signs of weakening against the US Dollar.”

“Also, many are cautious ahead of the policy decisions of the Bank of Japan and the Federal Reserve, which are set this week. Lastly, the Department of Budget and Management’s projection that the national debt will increase by 8.08 percent year-on-year to P17.35 trillion by end-2025 weighed on the sentiment,” he added.

Related Tags

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