The Philippine Stock Exchange index (PSEi) dipped on the last trading day of the week as the market continued to trade sideways despite lower-than-expected United States (US) inflation.
The main index shed 17.68 points, or 0.29 percent, to close at 6,109.21 on Friday, Sept. 12. It was led by the decline of the services and property sectors, countered by the advance of miners and conglomerates. Volume improved to 6.27 billion shares worth ₱6.79 billion, as gainers edged out losers—98 to 96, with 61 unchanged.
“The market stayed relatively flat this week, with no major domestic catalysts driving momentum,” said Regina Capital Development Corp. managing director Luis Limlingan.
He noted that, “Although US inflation came in lower than expected, boosting hopes for near-term Fed [US Federal Reserve] rate cuts, the Philippine market has so far shown little reaction. In contrast, US equities rallied to fresh record highs as easing inflation reinforced optimism for a more accommodative policy stance.”
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said, “The PSEi was slightly lower amid reports of possible demonstrations in the coming days (still wait-and-see mode) amid political noises recently, especially those related to the controversial flood control anomalies and corruption allegations.”