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Manila Bulletin devider Business devider Stocks drop on lack of leads

Stocks drop on lack of leads

Published Sep 20, 2021 05:34 pm

The local stock market followed through on last Friday’s weakness due to lack of fresh leads.

The main index dropped 54.95 points or 0.79 percent to close at 6,857.90 as the Mining and Oil counter led the retreat while the Services sector was the only gainer.

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Volume was about average at 2.29 billion shares worth P7.23 billion as losers swamped gainers at 165 to 42 with only 36 unchanged.

“Philippine shares were off to a slow start on Monday as no economic data releases are on the schedule here and in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted though that, “housing and jobs data will be out by September 21 and 22, respectively. More importantly, the Federal Reserve will meet on September 23 to discuss its policies.”

Back home, Limlingan said investors are also waiting for the Monetary Board's meeting on September 23 as well as the August Balance of Payments will be out by September 24.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its decline as the lack of a positive catalyst allowed selling pressures to dominate the market.“ He added that, “Investors have also taken a cautious stance while waiting for a clear direction on the trend of our COVID-19 cases.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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