Inquirer
PSEi ends 2024 lower, stays within 6,500
The Philippine Stock Exchange index (PSEi) concluded the final trading day of 2024 in the red, closing at 6,528.79, a slight decrease of 0.16%.
Despite ending the year slightly down, the PSEi experienced a modest recovery of 1.22% compared to its closing value on the last trading day of 2023, though it registered a year-to-date decline of 0.38% from its opening level.
Throughout 2024, the PSEi exhibited a sideways movement, fluctuating between a low of 6,158.48 and a high of 7,604.61.
Market analysts attribute this trend to investors digesting a mix of economic factors including rising inflation expectations due to El Niño, delayed interest rate cuts by the US Federal Reserve and the Bangko Sentral ng Pilipinas, a weaker peso, and geopolitical tensions.
Juan Paolo Colet, managing director at China Bank Capital Corp., described it as a "bittersweet culmination to a volatile year marked by steep rallies and corrections as hope turned into caution."
The local stock barometer had charged into bull territory in September following the Bangko Sentral ng Pilipinas' first of three quarter-point rate cuts for the year.
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