Index drops anew over inflation fears
Cheers were replaced by groans as investors ‘gave up gains at the last minute amid worries over the PH inflation rate that will be released this week’
Daily TribuneCheers were replaced by groans as investors ‘gave up gains at the last minute amid worries over the PH inflation rate that will be released this week’
Pedestrians pass an electronic board showing the numbers for the Hang Seng Index in Hong Kong on 5 December. Stocks extended their recent rally on Monday as traders cheered further moves by Chinese authorities to roll back strict Covid containment measures that have hammered the world’s number two economy. | Peter PARKS/Agence France-Presse
Despite trading in the green territory during the early part of the day, last-minute profit-taking pulled down the benchmark Philippine Stock Exchange index to 6,442.14, dropping by 47.52 points or 0.73 lower than last week's close.
Luis Limlingan, Head of Sales at the Regina Capital, said the "spillover from Friday's profit taking continued towards closing as a handful of data releases for investors to digest this week."
Locally, investors wait for the release of the November Consumer Price Index on 6 December, the unemployment rate on 7 December, and the September Foreign Direct Investment data on 9 December.
Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar, for her part, noted that the positive reaction of the investors on the earlier part of the trading day yesterday was due to the "easing of Covid-19 restrictions in China."
However, she said cheers were replaced by groans as investors "gave up gains at the last minute amid worries over the PH inflation rate that will be released this week."
Market participation weakened
While investors await the inflation rate, market participation weakened — posting at P4.23 billion only. Foreigners were net sellers, registering an outflow of P687.43 million.
Upon closing, sectors were mixed — Properties and Industrials were the only gainers, up by 0.51 percent and 0.38 percent, respectively. Services, meanwhile, had the biggest loss of 1.85 percent.
Among index members, Wilcon Depot, Inc. was at the top, up by 4.32 percent after leading the losers last week.
On the other hand, International Container Terminal Services, Inc. lost the most by 4.75 percent.
