Stocks weaken on profit-taking

Published May 23, 2022, 4:22 PM

by James A. Loyola

The PSEI started the week lower as investors took profits while waiting for more news expected later this week.

The main index dropped 58.48 points or 0.87 percent to close at 6,687.85 as Banks led the retreat while the Mining and Oil counter bucked the trend. Volume weakened to 1.22 billion shares worth P6.64 billion as losers beat gainers 113 to 72 with 58 unchanged.

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“Philippine shares consolidated to start the week as stateside investors will have the following economic data releases on their to-monitor list this week: the durable goods report on May 25, the first quarter 2022 GDP release on May 26, and the core PCE inflation report on May 27,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that the minutes from the May FOMC meeting will be released on Wednesday while there are several scheduled speaking engagements by Fed officials this week, including remarks by Chair Powell on Tuesday and a speech by Vice Chair Brainard on Wednesday.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market fell this Monday as investors booked gains from last week’s rally.”

He noted that, “Worries over the global economy caused by recession risks in the US amid their elevated inflation and aggressive monetary policy, and the Russia – Ukraine War weighed on market sentiment.“

“Concerns over the Bangko Sentral ng Pilipinas’ next policy steps after starting its monetary tightening last week also added to the decline,” Tantiangco said.

 
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