Stocks weaker as US markets dropped

Published April 23, 2021, 5:15 PM

by James A. Loyola

The local stock market ended the week lower Friday, ( April 23)  after US stocks diver overnight.

The Philippine Stock Exchange index (PSEi) retreated 37.46 points, or 0.58 percent, to close at 6,378.07 with only the Financials counter holding its ground.

Volume improved slightly to 2.04 billion shares worth P5.87 billion as losers clobbered gainers 132 to 64 with 47 unchanged.

PSEi closing April 23, 2021, as seen on the PSE Tower ticker tape. Photo credit: https://www.pse.com.ph/

“Local and regional shares slipped following reports of US President Biden’s plans to raise the capital gains tax, damping sentiment towards investors,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “US economic data was not also supportive with existing home sales declining by 3.7 percent in the March report, below consensus expectations.”

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse fell as selling pressures continued to dominate the market for a third straight day as the pace and the strength of our economic recovery remains in question due to our COVID-19 situation.”

While the number of new cases showed signs of easing compared to last week’s average of 10,430, daily case count remains elevated.

Tantiangco added that, “Our local bourse also took cues from Wall Street’s decline overnight while  catalysts that could spur optimism in the market are yet to be seen.”

 
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