Inflation fears dampen market sentiment; index down 1.68%

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The native inventory barometer began the week on a sluggish observe as markets fretted over prospects of rising inflation right here and overseas.

The Philippine Stock Exchange index (PSEi) shed 116.07 factors, or 1.68 %, to shut at 6,810.34 on Monday amid ongoing debates on whether or not lockdown restrictions must be additional relaxed.

“Local shares closed lower as increasing bond yields led to the reversal of market gains, while other investors are closely monitoring whether the country will transition to MGCQ (modified general community quarantine) in March,” stated Luis Gerardo Limlingan, managing director at Regina Capital Development.

Papa Securities stated the PSEi would seemingly consolidate between the present vary of 6,600 and seven,100.

On Monday, the holding agency counter posted the steepest decline at 2.65 %, whereas the companies counter additionally misplaced 1.47 %.

The monetary, industrial and property counters all declined by lower than 1 %.

Only the mining/oil counter bucked the downturn, having risen by 4.34 %.

Value turnover for the day amounted to P8.5 billion.—DORIS DUMLAO-ABADILLA INQ


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