Index flat as mart awaits U.S. prices data

Most investors are waiting for the US inflation data as this may influence the decision of the Federal Reserve regarding interest rates

View of the Brother Vellies Fruit Market during VOGUE World: New York on 12 September in New York City. Rising prices continue to pose a threat to most economies. | Sean Zanni/Getty Images for Vogue/Agence France-Presse

The local bourse declined by 13.94 points or 0.21 percent to 6,701.81 on Tuesday — breaking its three consecutive days of gains.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar noted that investors stayed on the sidelines yesterday while waiting for the inflation rate report in the US.

“Most investors are waiting for the US inflation data as this may influence the decision of the Federal Reserve regarding interest rates which may eventually affect the decision of the Bangko Sentral ng Pilipinas in their upcoming meeting this month,” Alviar said in a text message.

US CPI report on tap

The Consumer Price Index data which will be released ahead of the US Federal Reserve’s September meeting, Regina Capital Development Corp. managing director Luis Limlingan said.

Cost of goods is expected to drop to 8.0 percent from 8.5 percent the previous month as there is a widespread belief that this has already peaked. A weaker dollar and military success in Ukraine may also support stocks for the rest of the week.

Oil prices climbed as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.

Brent crude futures settled at $94 per barrel (+1.25 percent). On the other hand, the WTI crude closed at $87.78/bbl (+1.1 percent).

The plunge of the Philippines’ foreign direct investments net inflows this June by 51.5 percent year-on-year also weighed on the sentiment.

Upon closing yesterday, net market value turnover was recorded at P4.72 billion.

Puregold Price Club, Inc. was at the top, gaining 2.96 percent while Monde Nissin Corporation lost the most by 2.88 percent in the index.


Read more Daily Tribune stories at: https://tribune.net.ph/

Follow us on social media
Facebook: @tribunephl
Youtube: TribuneNow
Twitter: @tribunephl
Instagram: @tribunephl
TikTok: @dailytribuneofficial