The Philippine Stock Exchange (PSE) index continued its decline as investors awaited the results of the US Federal Reserve meeting and the release of Philippine economic growth figures.
The main index plunged 99.32 points, or 1.58 percent, to close at 6,196.88, with the Industrial sector leading the decline. Volume rose to 1.14 billion shares worth P5.44 billion, with losers outpacing gainers 118 to 68, with 48 unchanged.
“Philippine shares fell below the 6,200 level as the market braces for a shortened trading week with more key economic indicators ahead,” said Luis Limlingan, Managing Director of Regina Capital Development Corporation.
Key events to watch this week include the US advance fourth-quarter gross domestic product (GDP) report (Thursday), the Employment Cost Index, and Core PCE Inflation reports (Friday).
Additionally, the January FOMC meeting concludes this week, with the post-meeting statement scheduled for release on Wednesday at 2:00 PM ET, followed by Chair Powell’s press conference at 2:30 PM ET.
Locally, the highlight is the release of the latest GDP reading on January 30, alongside the December PPI on Jan. 31.
“Expectations that the local economy was unable to hit the government’s growth target last year weighed on the market," said Japhet Tantiangco, Research Manager at Philstocks Financial. "Foreigners were net sellers with net outflows amounting to P322.39 million.”
All sectors were in negative territory, with industrials incurring the most losses, down 2.07 percent. Decliners edged advancers 118 to 68.
Bloomberry Resorts Corporation was the top index gainer, climbing 2.36 percent to P3.91. Alliance Global Group, Inc. was the worst performer, dropping 4.05 percent to P8.29.