Stocks weaken further ahead of policy meeting

Published November 17, 2021, 4:40 PM

by James A. Loyola

The local stock market weakened further as investors wait for the outcome of the policy meeting of the Monetary Board on Thursday, Nov. 18.

The Philippine Stock Exchange index shed 17.6 points or 0.24 percent to close at 7,349.82 on Wednesday, Nov. 17, with sectoral indices evenly mixed as the Services sector led the retreat while the Mining and Oil counter made a strong rebound.

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Volume declined to 832.9 million shares worth P7.46 billion as gainers beat losers 101 to 87 with 58 stocks holding steady.

“Philippine shares drifted quietly in the red ahead of the BSP meeting tomorrow, and with more encouraging economic data in the US drawing attention,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He added that “(US) Retail sales data signaled solid consumer health and eased worries about the Federal Reserve having to become more aggressive in the face of rising inflation.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined as investors booked profits amid the lack of a positive catalyst.“

He noted that the weaker trading volume “shows that many have stayed on the sidelines while waiting for compelling factors to invest.”

 
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