go777 PSEi sinks deeper amid US worries

(PSEi file photo)

The local bourse sank deeper on Tuesday as uncertainty over inflation in the United States and the Federal Reserve’s policy outlook gripped investors.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.68 percent, or 43.43 points, to 6,299.67, its lowest closing value since June 24, 2024.

Likewise, the broader All Shares Index lost 0.46 percent, or 17.05 points, to close at 3,687.86.

A total of 705.91 million shares worth P5.75 billion changed hands, stock exchange data showed.

Foreigners opted to shed their stocks as foreign outflows totaled P886.66 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said that investors remained cautious ahead of the December inflation data release in the US, as this could provide clues on the American central bank’s policy rate stance.

Should the Fed opt to pause its interest rate cut, this could be mirrored by the Bangko Sentral ng Pilipinas at home and thus dampen investor confidence.

Only property and mining and oil firms ended positively, while industrial firms saw the steepest decline.

Universal Robina Corp. was the top-traded stock as it tumbled by 6.93 percent to P69.80 per share, followed by Ayala Land Inc., up 0.99 percent to P25.50; International Container Terminal Services Inc., down 0.76 percent to P389.20; Metropolitan Bank and Trust Co, down 0.14 percent to P71; and SM Investments Corp., up 0.48 percent to P838.

"This series is not just about the two teams playing; it's about reviving the spirit of hockey in Delhi. We hope this will inspire more young players from the region to take up the game," Harmanpreet stated in a press release issued by Hockey India.

Hockey India President Dilip Tirkey expressed his enthusiasm and stated: "This bilateral series against Germany will be a remarkable showcase of world-class hockey. Both India and Germany have a rich history in the sport, and this series will give fans an opportunity to witness an intense competition between two of the most formidable teams in the world.

Other actively traded stocks were SM Prime Holdings Inc., flat at P23.80; Bank of the Philippine Islands, down 0.08 percent to P118; Ayala Corp., down 0.6 percent to P579.50; BDO Unibank Inc., down 1.84 percent to P144; and Synergy Grid and Development Phils Inc., which surged by 11.69 percent to P12.04 each.

Losers overpowered gainers, 114 to 68, while 60 companies closed unchanged, stock exchange data also showed.

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