Share prices edged lower Thursday despite higher US and Asian markets on lingering worries about the higher inflation rate.
Plopenio said the Fed’s statement further tempered early rate-cut hopes. “It also caused concerns towards the local currency which has an effect on the local bourse,” he said.Except for the sectoral index which rose 2.12 percent, all sectoral indices ended in the red, with the holding firms declining the most, losing 2.05 percent followed by industrials, which declined 1.76 percent.
The comments came after a string of data at the start of the year saw inflation come in above expectations, while the economy and labor market remain in rude health. “While inflation seems sticky, it’s not ‘sticking’ at a level that is causing a surge in wages, eroding consumption, or lifting inflation expectations, comfortably putting stagflation fears to rest.”
“Repeated attempts certainly send a message to the market and while it may not fully hold, it should have some impact on preventing further meaningful weakness.”
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