After a robust start to the year, the Philippine stock market is losing steam, as investors worry rising inflationary pressures and higher interest rates will crimp profit growth and cap stock prices. READ:
After a robust start to the year, the Philippine stock market is losing steam, as investors worry rising inflationary pressures and higher interest rates will crimp profit growth and cap stock prices.
But worries over sticky inflation, which is at a 14-year high, have driven the stock market down in the past couple of weeks. The consumer price index in January was 8.7% higher than a year earlier, topping the 8.1% annual inflation rate seen in December, which central bank had expected to be the peak. The data increases the chance that the Philippine central bank will lift interest rates again when it meets on Feb. 16, having raised rates by 350 basis points last year.
DBS Bank expects the aggressive monetary tightening cycle and resulting pick-up in borrowing costs to hurt corporate net profit margins and delay the private sector’s capital expenditure plans.
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