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Manila Bulletin devider Business devider The Stock Market devider Stocks flat as investors remain cautious

Stocks flat as investors remain cautious

Published Aug 6, 2024 08:03 am

The local stock market ended flat despite some early bargain-hunting after the announcement of the July inflation numbers.

The main index shed 1.49 points, or 0.02 percent, to close at 6,433.24, with sectoral indices evenly split. Volume dipped to 419 million shares worth P5.12 billion. Losers outpaced gainers 97 to 84, with 56 unchanged.

“Philippine shares ended with flat performance despite a strong rebound early morning as investors continue to monitor economic data in both the US and Japan, especially for signs of a global recession,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “Wall Street also opened this trading week in the red as global markets faced a sell-off. A weaker-than-expected July jobs report released on Friday raised concerns that the Federal Reserve might be lagging in cutting rates, heightening fears of a recession.“

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local bourse inched down as investors took profits at the last minute. The market was initially trading in the green due to bargain hunting after Monday’s steep decline.”

He added that “negative cues from Wall Street overnight clouded investors while the BSP Governor’s statement that it sees room to keep interest rates elevated amid ‘evolving inflation condition’ weighed on the sentiment.”

Related Tags

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