Stocks plummet to 7-month low

MANILA, Philippines — The local stock market plunged to a seven-month low as investors kept a cautious stance ahead of this week’s Philippine gross domestic product (GDP) results and US Federal Reserve policy meeting.

The benchmark Philippine Stock Exchange index plummeted by 1.58 percent or 99.32 points to settle at 6,196.88, its lowest finish since closing at 6,158.48 on June 21, 2024.

The broader All Shares index was also in the negative territory, dropping by 1.13 percent or 41.49 points to 3,639.85.

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

Limlingan said that investors are keeping an eye on the GDP data 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,” he said.

All counters were in the red, each losing by more than one percent.

The industrial index took the biggest hit, shedding 2.07 percent, followed by holding firms with a 1.98-percent plunge.

Net value turnover stood at P4.88 billion. Foreigners were net sellers with net outflows reaching P322.39 million.

Decliners battered advancers, 118 to 68, while 48 issues were unchanged.

Bloomberry Resorts posted the largest gain among index members at 2.36 percent, while Alliance Global Group lost the most at 4.05 percent.

ICTSI was yesterday’s top traded company, declining by 2.65 percent to P375 per share, followed by BDO with a1.07-percent decline to P139.