Stocks fall as uncertainties remain

Published May 24, 2022, 4:16 PM

by James A. Loyola

The local stock market fell further as investors remain cautious amid uncertainties at the local front and overseas.

The main index dropped 110.40 points or 1.65 percent to close at 6,577.45 as Holding Firms led the decline although the Mining and Oil counter held its ground. Volume jumped to 1.54 billion shares worth P20.2 billion as losers beat gainers 120 to 63.

Philippine Stock Exchange index (PSEi)

“Philippine shares continued to slide as investors returned to the US after being beaten down last week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Wall St. is also looking ahead to new home sales and a speech from Fed Chair Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday.“

AB Capital Securities said “Local shares dipped again below the 6,600 level as investor sentiment continues to be weighed down by concerns over rising interest rates and fears of a global economic slowdown.”