Stocks dip on wider BOP deficit

The local stock market dipped due to sobering US and domestic economic data.

The main index declined by 18.63 points or 0.30 percent to close at 6,256.17 as the Property sector ked the retreat while Banks and Mining firms bucked the trend. Volume grew to 807 million shares worth P6.09 billion aa gainers beat losers 107 to 69 with 60 unchanged.


“Philippine stocks continued to consolidate as traders bet that markets worldwide have hit bottom with tech stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “a report from the Mortgage Bankers Association pointed to more pain for home shoppers as they deal with higher prices and interest rates. Mortgage demand declined while existing home sales in June fell.

In the local front, the Balance of Payment deficit hits $1.57 billion in June from the $312 million deficit in the same month last year.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell further as resurfacing concerns over COVID-19 risks amid the detection of more cases in the country with Omicron sub-variants weighed on the market.”