The local stock market dipped as investors weigh interest rates and the International Monetary Fund (IMF)’s reduced growth forecast for the Philippines a day before the release of the country’s September inflation rate.
The PSEi index declined by 7.79 points or 0.12 percent to close at 6,298.20, with all sectoral indices down except for the Property sector, gaining 21.17 points or 0.81 percent.
Volume dropped to 733 million shares valued at P4.68 billion as losers surpassed gainers 111 to 72 with 53 unchanged.
“The local bourse dropped ahead of the release of the PH’s September inflation rate. Investors were waiting for the inflation as this would be crucial data for the decision of the Bangko Sentral ng Pilipinas (BSP) regarding the interest rates,” said Philstocks Financial Assistant Research Manager Claire Alviar.
“Moreover, negative sentiment from Wall Street given the rise of the US treasury yields and the revision of the IMF of its PH’s growth forecast to 5.3%, weighed on the sentiment,” she said.
“Philippines shares edged lower after US job openings data indicated the labor market is still strong and bond yields marched higher,” said Luis Limlingan, managing director of Regina Capital Development Corporation.