Stocks decline slightly despite slower inflation

By Jenniffer B. Austria

PHILIPPINE stocks lost 2.08 points, or 0.03 percent, to close at 6,512.39 Wednesday as investors ignored the continued slowdown in inflation rate.

Analysts said investors also stayed on the sidelines as the US financial market was closed in celebration of the Fourth of July holiday.

Inflation in June fell to a more than one-year low of 5.4 percent from 6.1 percent in May helped by slower increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said.

BDO Capital and Investments Corp. president Eduardo Francisco said that while the government reported continued slowdown in inflation rate, interest rates were not expected to come down soon because of the US Federal Reserve’s hawkish stance.

Value turnover remained thin at P3.6 billion.

Meanwhile, equity markets sank Wednesday as another round of data showed China›s economy continued to struggle in June, with little hope that its leaders can unveil the blockbuster stimulus needed to kick start growth.

With Wall Street closed on the Independence Day holiday, investors had few other catalysts to drive business, with the rally from last week’s US inflation data already running out of steam.

Focus now turns to the release of minutes from the US Federal Reserve’s June policy meeting, which should provide an insight into oficials› thinking when they decided to pause interest rates for the first time afer 10 straight hikes.

That will be followed Friday by closely watched jobs creation data, a key guide to the state of the world›s top economy.

While the Fed and other central banks› battle against sticky inflation has been the overriding issue for investors this year, China›s struggle to get growth back on track has also been a major cause of angst.

A string of indicators in recent months has shown that policymakers have a lot of work to do to get the world›s number two economy, a key driver of global GDP, back up to speed.

The initial burst of activity seen afer the lifing of the country’s zero-Covid policy at the end of 2022 has given way to torpidity, but apart from the odd pledge of action and some small interest rate cuts, authorities have done little to address the problem. With AFP

9. Approval of the Compensation of Directors;

10. Other Matters; and

11. Adjournment.

The record date for the determination of stockholders entitled to notice of, and to vote at, the said meeting is fixed at the close of business hours on June 27, 2023.

To ensure the health and well-being of our stockholders during this COVID-19 pandemic, stockholders may only attend the meeting by remote communication and/or vote in absentia or through the Chairman of the meeting as proxy. Stockholders who wish to participate by remote communication or vote in absentia or by proxy should notify the Corporate Secretary by email to cic.secretary@romulo.com from July 6, 2023 to July 17, 2023. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting. For any registration concerns, please get in touch with the Corporation through cic.secretary@romulo.com. All stockholders who wish to vote through a proxy or in absentia shall submit the duly signed proxies or ballots, as the case may be, to the Office of the Corporate Secretary at the 21st Floor, Philamlife Tower, 8767 Paseo de Roxas, Makati City and/or by email to cic.secretary@romulo.com not later than July 17, 2023. The proxies and ballots submitted shall be validated on July 20, 2023 at 2:00 p.m. We are not soliciting proxies. The Information Statement which contains a brief explanation of each item on the agenda and procedures for attending the meeting via remote communication and for casting votes in absentia, Management Report, and Annual Report for the year ended December 31, 2022 in SEC Form 17-A are posted on the Corporation’s website at https:// cic.ph/investor-relations/#annual-stockholders and PSE EDGE. The meeting shall be recorded in audio and video format and copies thereof shall be retained by the Corporation.

SOLAR SETTLEMENT. This aerial photo taken on July 4, 2023 shows solar panels on roofs at the ‘Solar Settlement Gelsenkirchen-Bismarck’ in Gelsenkirchen, western Germany. As the first solar settlement in the Ruhr area, it was built with 71 houses by two different developers as part of the funding programme ‘50 Solar Settlements in NRW (North RhineWestphalia)’. AFP