The local stock market lost more ground as the decline in US equities continued to weigh on investor sentiment.
The main index shed 22.26 points or 0.31 percent to close at 7,239.28 as sectoral indices were evenly mixed with the Property sector suffering the biggest loss while the Mining and Oil counter surged. Volume improved to 2.57 billion shares worth P6.15 billion as gainers outpaced losers 109 to 81 with 44 unchanged.
“Philippine shares extended their losses, weighed down by sustained sharply higher (US) bond yields and elevated inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted though that, “Futures rebounded as of this writing as the dominant theme across markets remains to be the Fed’s tighter monetary policies.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its decline as it continued to take cues from Wall Street’s negative performance.”
He explained that, “The US stock market dropped overnight amid the elevated bond yields reflecting expectations of an aggressive monetary tightening by the Federal Reserve this year.”
“Inflation concerns also weighed on the local bourse caused by high global oil prices,” Tantiangco added.