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PSEi falls as investors await inflation, GDP data

Business | The Stock Market

PSEi falls as investors await inflation, GDP data

By James A. Loyola

The Philippine Stock Exchange index (PSEi) fell as the week ended on Friday, July 31, as investors cashed out ahead of the release of inflation and gross domestic product (GDP) data, as well as the rebalancing of the bourse’s benchmark index next week.

The main index lost 69.31 points, or 1.1 percent, to close at 6,236.44. Services led the retreat, while miners and industrials managed to advance.

Volume rose to 1.26 billion shares worth ₱10.81 billion. Losers outnumbered gainers—93 to 88, with 63 unchanged.

“The local bourse ended lower as investors reacted mixed to the day’s trading flows, with sentiment remaining cautious. Sellers eventually took control of the session, driven by positioning adjustments related to the PSEi rebalancing,” said Regina Capital Development Corp. managing director Luis Limlingan.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market declined as investors digested the latest national government (NG) debt data, which came in at a new record high. Risks stemming from uncertainties with respect to the United States (US)-Iran war also weighed on the market.”

“Investors also took a cautious stance ahead of a week of macroeconomic data releases, including July inflation rate, June labor force survey (LFS), and second-quarter gross domestic product (GDP),” he added.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi was lower due to uncertainties over the wage hike in Metro Manila following the issuance of a temporary restraining order (TRO) by a local court.

He explained that this could mean no increase in consumer spending yet because of the TRO on higher Metro Manila wages.

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort

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