The Philippine benchmark index declined, weighed down by the weakness in US markets.
The main index dipped 29.28 points or 0.42 percent to close at 6,923.60 although only the Holding Firms and Property counters were in the red whole the Mining and Oil sector led gainers.
Volume surged to 2.32 billion shares worth P21.99 billion with the listing of MREIT as gainers beat losers 103 to 86 with 53 unchanged.
“Philippines equities dropped to start October as initial US jobless claims for the prior week came in at 362k, beating the consensus estimate of 330,000,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “The S&P 500 and the Nasdaq composite closed the month down4.8 percent and 5.3 percent, respectively–their worst month since Mar 2020. Meanwhile, the Dow ended the month with a 4.3 percent decline, its worst month this year.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The market’s sideways movement ended in the red territory due to the negative spillovers from Wall Street.”
He noted that, “The market today was also weighed by expectations of a higher inflation print for September compared to the preceding month.“