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Manila Bulletin devider Business devider Stocks drop before US poll, PH GDP results

Stocks drop before US poll, PH GDP results

Published Nov 9, 2022 04:09 pm

The local stock market declined as investors continue to wait for the outcome of US elections and the Wednesday’s GDP report.

The main index dropped 47.42 points or 0.75 percent to close at 6,242.68 as the Mining and Oil index led the retreat while the Industrial and Holding Firms counters advanced. Volume improved to 427 million shares worth P5.57 billion as losers edged out gainers 95 to 84 with 39 unchanged.

Philippine Stock Exchange index (PSEi)

“Investors remained on the sidelines, as many are watching the outcome of the midterm election, which could heavily influence the government spending and regulation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Here at home, third quarter GDP will be out tomorrow with some speculation occurring as agricultural output came out better than most anticipated and the second quarter growth was revised up to 7.5 percent.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors continue to digest employment data in the Philippines while waiting for the third-quarter GDP growth and US inflation rate.”

“In September, the unemployment rate improved month-on-month (m/m), recording the lowest figure in more than 2 years. However, the labor force declined by 0.9 percent m/m and the number of employed also dropped by 0.6 percent m/m. This gives mixed signals to the investors,” she noted.

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