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Tuesday, July 23, 2024

Stocks market fell Thursday

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Philippine stocks fell Thursday as hopes of possible rate cut over the near term were shattered amid rising inflation rate.

The Philippine Stock Exchange index lost 41.20 points, or 0.60 percent, to close at 6,837.34, while the broader all-shares index went down by 19.70 points, or 0.55 percent, to settle at 3,567.89.

Philstocks Financial Inc research analyst Mikhail Plopenio said the rate cut hopes were tempered after Bangko Sentral ng Pilipinas Governor Eli Remolona said it was still too early to cut policy rates.

“Additionally, investors digested the statement from Federal Reserve chair Jerome Powell overnight saying that Fed is not yet ready to cut rates,” Plopenio said.

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