Philippine stocks ended lower Thursday, mirroring the mixed results of other markets as investors digest the latest US inflation report.
Value turnover improved to P5.87 billion, above the year-to-date average of P5.17 billion. Foreigners were net sellers, with net outflows at P381.81 million. Seoul’s Kospi pushed higher for a third straight day, eating further into the losses sustained in a sell-off that came in the wake of South Korean President Yoon Suk Yeol’s short-lived martial law declaration.
“These dynamics suggest that after cutting in December, the Fed looks set to sit on the sidelines for a while with an increasing risk that the coming pause won’t be a couple of months, but rather a couple of quarters.” The “cautious market response in China suggests that investors are sceptical about the government’s commitment to substantial, direct financial interventions — essentially the ‘helicopter money’ that many believe is necessary to invigorate the economy”, said SPI Asset Management’s Stephen Innes.
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