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Manila Bulletin devider Business devider The Stock Market devider Stocks drop on concern over US rate cuts

Stocks drop on concern over US rate cuts

Published Jan 8, 2025 07:46 am

The local stock market fell below the 6,500 level on renewed concerns that the US Federal Reserve may hold back on interest rate cuts.

The main index lost 48.66 points, or 0.74 percent, to close at 6,496.72, with Conglomerates leading the decline while Miners managed to rally. Volume inched up to 922 million shares worth P4.69 billion, as gainers edged out losers 110 to 106, with 44 unchanged.

“Philippine shares continued to slide, following the sentiment in overseas equity markets,” said Luis Limlingan, Managing Director of Regina Capital Development Corporation.

He noted that US stocks fell on Tuesday as strong economic data raised doubts about potential Federal Reserve rate cuts, driving Treasury yields higher and dragging tech stocks lower.

The ISM reported faster growth in the US services sector for December, fueling inflation concerns.

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Regina Capital Development Corporation Luis Limlingan Philippine Stock Exchange index (PSEi)
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