PSEi dips on higher inflation data

The Philippine Stock Exchange index (PSEi) declined on Friday due to investor reactions to higher-than-expected inflation data for November.

The PSEi closed down by 59.57 points or 0.83% at 7,134.56, with the 7,100 barrier remaining intact.

Luis Gerardo Limlingan, managing director at Regina Capital Development, attributed the drop to profit-taking, mixed signals from the US, and the higher-than-expected inflation print.

The country's annual headline inflation in November rose to 3.3% from 2.5% in October, surpassing the consensus forecast of 2.6% and marking the fastest pace since April 2019.

The market was weighed down most by the holding firm and property counters, which slipped by over 1%, while only the financial counter managed to gain.

Domestic investors supported the market, offsetting P269 million worth of net foreign selling.