Philippine stocks plunged by more than 100 points Friday as sentiment turned negative after Wall Street posted losses overnight.
Value turnover reached P5.15 billion, with decliners edging advancers, 131 to 72, while 44 stocks were unchanged.Century Pacific Food Inc. was the top index gainer, climbing 2.09 percent to P39, while Ayala Land Inc. was at the bottom, falling 3.15 percent to P35.35. Chinese and Hong Kong markets have whipsawed over the past few days, having rocketed more than 20 percent in reaction to the raft of support pledges unveiled last month that had a particular emphasis on helping the battered property sector.China has come under pressure to unveil a fresh round of stimulus as a string of data have shown the world’s number-two economy continues to struggle since strict Covid rules were lifted in late 2022.
“Three factors will be key in determining the impact of stimulus: its scale, where it’s channelled, and how soon it’s deployed,” he said. New York Fed president John Williams said that “month to month, there’s wiggles and bumps in the data, but we’ve seen this pretty steady process of inflation moving” downward.