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Manila Bulletin devider Business devider Stock investors take profits

Stock investors take profits

Published Nov 21, 2022 03:58 pm

The local stock market started the week with some profit-taking as investors wait for economic news from the US.

The main index shed 34.14 points or 0.53 percent to close at 6,403.24, dragged down by the Property and Holding Firms counters while all other sectors actually advanced. Volume improved to 776 million shares worth P6.24 billion as losers beat gainers 97 to 87 with 40 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares took a breather after successive sessions of trading in the green last week, with a shortened trading week ahead for Wall Street,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that the US markets close on Thursday for Thanksgiving. On Friday, the stock exchanges will close at 1 p.m. ET and the bond market will close at 2 p.m. ET.

“On the data front, investors will get a flurry of eco reports, including durable goods, new home sales, unemployment claims, consumer sentiment, and minutes from the recent FOMC throughout the week,” Limlingan added.

Philstocks Financial Assistant Research Manager Claire Alviar said The local bourse dropped as investors took some profits. On the upside, the index still managed to stay above the 6,400 old resistance line.”

“Moreover, the BSP's expectation that the PH economic growth may slow down in the next 2 years amid internal and external headwinds, and monetary tightening, weighed on the sentiment,” she added.

Related Tags

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