Stocks decline on global economic concerns
The local stock market declined as investors continue to worry over the global economy.
The main index shed 25.38 points or 0.38 percent to close at 6,686.83 although only the Banks and Industrial counters retreated while the Mining and Oil sector led advancers. Volume weakened further to 852 million shares worth P5.06 billion as losers beat gainers 100 to 73 with 53 steady.
“Philippine shares traded in the red as global economic concerns continued to weigh on investor sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The moves came after JP Morgan CEO Jamie Dimon cautioned that an economic ‘hurricane’ caused by the Fed and the dragging Ukraine-Russia war is brewing.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market dropped further as investors took cues from Wall Street’s decline overnight driven by worries over the US economy amid the Federal Reserve’s monetary tightening.”
He added that, “The Senate’s deferred approval of the Philippines’ membership in the Regional Comprehensive Economic Partnership which is seen to lead to opportunity losses for the country in global trade also brought dismay to investors.”
AB Capital Securities said “Local shares dipped further in the red as inflation continues to weigh down on investor sentiment.”