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Manila Bulletin devider Business devider Stocks fall despite good GDP numbers

Stocks fall despite good GDP numbers

Published Nov 10, 2022 04:47 pm

The local stock market continued to drop despite the release of better-than-expected economic growth numbers.

The main index fell 74.11 points or 1.19 percent to close at 6,167.57 although sectoral indices were evenly mixed with the Property counter leading gains while Conglomerates saw the biggest drop. Volume eased to 455 million shares worth P4.63 billion as losers beat gainers 106 to 66 with 44 unchanged.

“Philippine shares followed the rest of the region despite the positively surprising third quarter GDP figure that was well above many analyts' forecasts, as focus will be on the US CPI coming out later,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “There was also lack of clarity around (US midterm) election results.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped due to the negative sentiment from Wall Street as investors digested the US midterm election results.”

She noted that, investors were also waiting for the MSCI Rebalancing announcement.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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