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Manila Bulletin devider Business devider Stocks fall ahead of national polls

Stocks fall ahead of national polls

Published May 6, 2022 05:04 pm

The local stock market fell amid uncertainties before Monday’s elections as well as due to weaker US bourses overnight.

The PSEI dropped 109.02 points or 1.59 percent to close at 6,759.90 as the Property sector led the retreat although the Services counter bucked the trend and eked out a gain. Volume was slightly higher at 653 million shares worth P5.95 billion as losers beat gainers 107 to 60 with 61 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares succumbed to yet another tech sell-off, erasing the prior day's rally, that sent the DJIA and Nasdaq to one of their worst days since 2020 while the S&P500 (saw) its second-worst day of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market plunged following the negative cues from Wall Street’s overnight decline.”

He added that, “This came as interest rates in the US rose with their 10-year bond yield breaching the 3.00 percent mark.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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