Market rally cut short by profit taking

The Philippine Stock Exchange index slid by 0.23 percent or 14.74 points to settle at 6,492.75, snapping its two-day climb.MANILA, Philippines —

“Investors turned into profit-takers using the CPI reading to sell on news and close positions to kick off the first week of the second half of 2024. The main bourse slipped below 6,500 after trading more at least half a percent up intraday,” Luis Limlingan of Regina Capital said. “Since the inflation rate remains within the government’s target range of two to four percent, the likelihood of the BSP cutting interest rates at their upcoming meeting in August is increasing. However, sentiment was dampened by the national government’s outstanding debt reaching a record high,” Alviar said.Sectoral gauges were a mixed bag, with financials and property leading the way with increases of 0.22 and 0.21 percent, respectively.

Ayala-led Globe Telecom Inc. has asked the government to raise its budget and pursue reforms on connectivity to give the country... One of the biggest problems in the real estate industry is the proliferation of fake property titles. Many real estate buyers,...

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Peso touches P58.80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Peso touches P80 to the dollar; stock market rally also snappedTHE peso closed at an over 19-month low on Monday as a strong US jobs report drove the dollar higher, and the stock market also fell, with investors said to have taken profits following last week's three-day recovery.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

PH stocks drop on profit-taking after market rallyDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »

[ANALYSIS] The West Philippine Sea dispute and the stock market’s performanceLooking at this week’s unfolding trading results, however, it looks like the unfortunate incident in the Ayungin Shoal did not leave any permanent negative impact
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Peso drops to P58.86:$1; stock market up anewTHE peso fell to its lowest in just over 20 months on Wednesday, but the stock market rose for a third straight day ahead of today's Bangko Sentral ng Pilipinas policy meeting.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

A Weekend of Celebration: 10 Years of Greenfield District’s Weekend MarketDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »