PSEi plunges almost 100 points

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

The PSEi continues to fall as investors wait for results of the US Fed meeting and the release of Philippine economic growth figures.

The main index plunged 99.32 points or 1.58 percent to close at 6,196.88 as the Industrial sector led all indices down. Volume rose to 1.14 billion shares worth P5.44 billion as losers beat gainers 118 to 68 with 48 unchanged.

“Philippine shares fell below the 6,200 level as the market braces for a shortened trading week with more key economic indicators ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

For this week the key events to watch include the US  include the advance fourth quarter GDP report set for release on Thursday, as well as the Employment Cost Index and Core PCE Inflation reports on Friday.

Additionally, the January FOMC meeting will take place this week, with the post-meeting statement scheduled for release on Wednesday at 2:00 PM ET, followed by Chair Powell’s press conference at 2:30 PM ET.

On the local front, the highlight is the release of the latest GDP reading on January 30, alongside the December PPI set for release on January 31.

Philstocks Financial Research Manager Japhet Tantiangco said “Expectations that the local economy was unable to hit the government’s growth target last year weighed on the market. Foreigners were net sellers with net outflows amounting to P322.39 million.”