PH stocks edge lower on higher US inflation data

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Philippine stocks ended lower Thursday, mirroring the mixed results of other markets as investors digest the latest US inflation report. The Philippine

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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