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Manila Bulletin devider Business devider The Stock Market devider Stocks drop before US CPI report

Stocks drop before US CPI report

Published Sep 11, 2024 08:09 am

The local stock market weakened as investors pocketed gains while wait for the announcement of the US August inflation rate.

The main index dropped 39.75 points or 0.57 percent to close at 6,944.88 as the Property sector led the decline while the Services counter managed to hold its ground. Volume jumped to 927 million shares worth P8.02 billion as losers beat gainers 131 to 66 with 47 unchanged.

“Philippine shares finally closed in the red after successive session of closing higher as investors collectively hold their breath before the latest CPI data later today,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “U.S. stocks also ended mixed as investors awaited August's CPI report on Wednesday and the PPI on Thursday, both key to the Fed’s September rate decision. A rate cut is expected to ease economic concerns.”

Philstocks Financial Research Manager Japhet Tantiangco said “The local market succumbed to selling pressures this Wednesday after four days of rallying.”

“Investors took a cautious stance while waiting for the US’ August inflation data which can provide clues on the Federal Reserve’s policy outlook.

“Investors also digested the widening of the Philippines’ balance of trade in goods deficit last July amid a tepid export performance, and the drop in its June foreign direct investment net inflows,” he noted.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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