Stocks extend decline on weak US markets

Published September 15, 2021, 6:14 PM

by James A. Loyola

The local stock market weakened further due to the decline in US stocks overnight.

The main index dropped 40.16 points or 0.58 percent to close at 6,880.20 as the Property and Services sectors led the retreat while only Holding Firms counter managed to advance.

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Volume remained hefty at 1.51 billion shares worth P7.55 billion as losers beat gainers 128 to 64 with 51 unchanged.

“Asian markets including the Philippines fell after Wall Street slipped on growth concerns. US stocks closed as the softer-than-expected inflation reading failed to assuage economic uncertainties and the increasing likelihood of a corporate tax hike,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its decline as investors chose to remain cautious. The concern now is the uncertainties on the sustainability of the NCR’s upcoming social restriction setup and its further easing in the future as our COVID-19 cases remain elevated.“

He added that, “Global economic worries also weighed on sentiment as China’s year-on-year retail sale and industrial production growth slowed down from July’s 8.5 percent and 6.4 percent, to 2.5 percent and 5.3 percent respectively.”

 
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