The local stock market continues to follow the lead of US bourses and ended the last trading day of the week just slightly in the red.
The main index shed 5.39 points or 0.08 percent to close at 7,056.62 with sectoral indices evenly split. Volume was lower at 1.56 billion shares worth P6.86 billion as gainers beat losers 97 to 86 with 59 unchanged.
“It was a quiet session in the local market following a sluggish performance once again in the US. The major indices logged their third consecutive day in the red as corporate earnings and economic data signal a slowing economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back home, the Philippines’ 2022 balance of payments reached a record deficit of $7.3 billion. The latter was a reversal of the $1.3 billion surplus in 2021.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped further as investors await catalysts that could support the economic prospects of our country. The negative cues from Wall Street amid recession fears also weighed on sentiment.”
She noted that, “Compared to the past trading days, many were seen on the sidelines this session as the net value turnover was lower than average.”