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Manila Bulletin devider Business devider The Stock Market devider Wait for important economic data sends PSEi falling

Wait for important economic data sends PSEi falling

Published Feb 10, 2025 07:51 am

Cautious investors continue to sell down stocks while waiting for fresh leads, causing the PSEi to fall for the third straight day.

The main index slid 117.87 points or 1.92 percent to close at 6,037.12 as property firms and banks led the retreat while miners bucked the trend. Volume dipped slightly to 716 million shares worth P5.69 billion as losers outnumbered gainers 111 to 78 with 44 unchanged.

“Philippine shares kicked off the trading week in the red as investors await the latest MSCI rebalancing results, while others will be taking cues from fresh new economic data and possibly more developments on the geopolitical front,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “this week’s key focus is U.S. inflation data on Wednesday, which could shape the Fed’s rate outlook. Fed Chair Powell’s testimony will be closely watched for policy signals, while strong labor data suggests a prolonged pause, with markets eyeing a possible rate cut by July.”

Key economic releases, including retail sales, industrial production, and producer prices, will provide further insights, alongside Treasury auctions gauging market sentiment.

On the local front, the Bangko Sentral ng Pilipinas' Monetary Board interest rate decision on Feb. 13 takes center stage, with the November FDI data and December cash remittances set for release this week.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market closed lower as US President Donald Trump gave off more tariff threats which, if implemented, could negatively affect the global economy. These include new steel and aluminum tariffs as well as reciprocal tariffs with other countries."

"Foreigners turned net sellers this Monday with net outflows amounting to P438.19 million contributing to the market’s drop," he noted.

Related Tags

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