Stocks weaken ahead of long weekend

Published October 31, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

The local stock market failed to remain above the critical 8,000 level yesterday as investors sold shares ahead of the long weekend.

The Philippine Stock Exchange index (PSEi) lost 42.94 points, or 0.54 percent, to close at 7,977.12 with only the Holding Firms counter managing to hold its ground.

Trading activity improved with 1.1 billion shares worth ₱7.76 billion changing hands as losers beat gainers 100 to 78 witj 61 unchanged.

“Investors kept to cash for the long weekend and immediately after the Federal Reserve’s third rate cut of the year and comments from Chairman Jerome Powell that signalled it would be a while before the central bank hikes rates,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

 
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