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Philippine Stocks Fall on Inflation Concerns and Profit-Taking

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STOCK MARKET,INFLATION,PHILIPPINES

The Philippine Stock Exchange index declined 1.2 percent, while the all-shares index fell 1.14 percent, as investors reacted to rising inflation and mixed performance in US markets. December inflation accelerated to 2.9 percent, driven by holiday spending and increased transportation and utility costs. Foreign investors were net sellers and five sectoral indices ended in the red. Meanwhile, Asian markets generally rose, buoyed by a tech-driven rally on Wall Street and hopes for a more targeted approach to tariffs from President Trump.

Philippine stocks succumbed to profit-taking Tuesday after the December inflation quickened and US stocks ended mixed.

Aboitiz Equity Ventures Inc. was the top index gainer, rising by 2.2 percent to P35, while Wilcon Depot Inc. was the worst performer, declining 4.87 percent to P12.90. The US gains were also helped after The Washington Post said Trump’s aides were weighing plans to apply tariffs only to goods in certain critical sectors — a more narrow definition than the president-elect previously proposed.

Hong Kong also retreated as tech firms took a hit with Tencent diving more than seven percent after it was named by the United States in a list of “Chinese military companies”. Its US-listed shares shed 7.8 percent.

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