Philippine stocks fell Wednesday ahead of the release of the September inflation rate.
The 30-company Philippine Stock Exchange index lost 7.79 points, or 0.12 percent, to close at 6,298.20, while the broader all-shares index declined 7.06 points, or 0.21 percent, to settle at 3,398.56.
Philstocks Financial Inc. research analyst Claire Alviar said many investors stayed on the sidelines while waiting for the data on inflation which would be a key factor for the Bangko Sentral ng Pilipinas’ decision on interest rate.
“Moreover, the negative sentiment from Wall Street given the rise of US treasury yields and revision of IMF [International Monetary Fund] of its Philippine growth forecast to 5.3 percent weighed on the sentiment,” Alviar said.
Asian markets also fell Wednesday as robust US employment data and rising Treasury yields stoked fears that interest rates would be kept higher longer.
The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fueling worries of a further rate hike by the Federal Reserve before year’s end.