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Manila Bulletin devider Business devider Stocks ease before US midterm elections

Stocks ease before US midterm elections

Published Nov 8, 2022 04:27 pm

Stocks ease before US midterm elections

The PSEi took a breather after posting strong gains in the last two sessions as investors took profit before the US midterm elections and the release of Philippine GDP figures.

The main index shed 6.48 points or 0.10 percent to close at 6,289.10 as the Mining and Oil sector led losses while the Property and Financials counters continued to advance. Volume was slightly higher at 310 million shares worth P4.93 billion as losers beat gainers 100 to 76 with 38 unchanged.

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“Philippine shares closed flat as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Locally, many are awaiting the Philippines’ third quarter GDP print on Thursday. Meanwhile, the country's GIR level improved to $94.1 billion but remained below $100 billion in October.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The main index dropped after rin sing for two consecutive days as investors booked some gains while waiting for the country's third-quarter GDP growth to be released this week.”

She noted that, “In the early part of trading, the market visited the green territory as the unemployment rate in the Philippines improved in September. However, bears took the momentum, dragging the bourse to the red.”

Related Tags

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