Inquirer
PSEi tumbles to near 7-month low
Philippine shares plunged to their lowest in nearly seven months on Monday, January 13, 2025, with the PSEi closing at 6,343.10 points.
This decline of 2.36 percent, or 153.22 points, was attributed to expectations that the US Federal Reserve may likely scale back monetary policy easing this year.
Stronger-than-expected US employment figures for December 2024 fueled these concerns, trimming the likelihood of a US rate cut in March.
The Peso's depreciation against the US Dollar also contributed to the negative sentiment.
Foreign investors were net sellers, with outflows reaching P696.26 million.
The PSEi has declined by around 16 percent from its recent high in October but has not yet entered bear territory, which requires a 20 percent drop.
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Philippine shares dropped below the 6,400 mark on Monday, with the Philippine Stock Exchange index (PSEi) falling by 2.36 percent or 153.22 points to 6,343.10.
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The Philippine Stock Exchange index (PSEi) closed 1.03 percent lower at 6,265.52 points, its lowest closing value since June 2024.
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Philippine stocks declined by 1.20 percent to close at 6,545.38 points, ending a three-day rally.
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Philippine shares closed slightly lower on Friday, January 10, 2025, with the PSEi declining by 0.23 percent to 6,496.32.
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Philippine shares rebounded on Friday due to bargain hunting and positive economic projections, with the Philippine Stock Exchange index (PSEi) increasing by 1.38 percent to close at 6,352.12.
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