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2024 Philippine Equities: A Year of Volatility
The Philippine Star
|December 30, 2024
Philippine stocks ended 2024 virtually unchanged.
The Philippine Stock Exchange Index (PSEi) closed at 6,528.79 last Dec. 27, only up by 1.2 percent for the year. The flat performance masked a year of high volatility driven by Fed policy shifts, geopolitical tensions, and a market-moving US election.
A Roller-coaster ride Early rally. The PSEi rose to 7,070 on April 2 from 6,450 at end2023. The Federal Reserve’s rate hike pause and projected cuts for 2024, plus strong US growth and AI momentum, fueled the broadening rally.
Midyear slump. The momentum reversed in April as Middle East tensions rattled markets. Iran’s attack on Israel using drones and missiles, and ongoing conflicts in Gaza, Lebanon, and Yemen, heightened risk aversion. The index hit its year-low of 6,158 in July.
Powell-led rebound. The market rallied from its July low after Fed Chair Jerome Powell signaled the Fed’s first rate cut. This pivot sparked gains across ASEAN markets, following US stocks higher. The PSEI broke past 7,000 resistance, hitting 7,602 in October.
Denne historien er fra December 30, 2024-utgaven av The Philippine Star.
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