Stocks lower on weak economic data

Published January 15, 2021, 4:21 PM

by James A. Loyola

The local stock market ended the week lower as investor sentiment was dampened by weak economic data reported in the US and Philippines.

The PSEi lost 34.69 points or 0.48 percent to close at 7,238.46 although the Services and Mining and Oil counters posted gains. Volume was higher at 147.24 billion shares worth P11.03 billion with gainers actually outpacing losers at 120 to 103 with 42 unchanged.

PSE file photo

“Local shares closed lower as investors digested the biggest US jobless claims surge since March last year, outweighing the unveiling of Biden’s stimulus plan,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

Philstocks Financial Senior Analyst Japhet Tantiangco said “Friday’s sideways trading ended in the negative territory as dismal economic data weighed on investor sentiment.“  He added that, “Investors digested the growth slowdown in November 2020 OFW cash remittance to 0.3 percent year-on-year and the 19 percent plunge in investment pledges approved by the Philippine Economic Zone Authority this past 2020.“