Stocks lower as investors wait for GDP report

Published January 24, 2023, 4:09 PM

by James A. Loyola

The local stock market declined after a stronger start as investors wait for more economic news, particularly the gross domestic product (GDP) report.

The main index lost 28.18 points or 0.40 percent to close at 7,041.50 with only the Industrial sector advancing. Volume dropped to 1.96 billion shares worth P5.4 billion as gainers beat losers 103 to 89 with 48 unchanged.

“Philippine shares edged lower due to an underwhelming start to US earnings season and more signs that the world’s largest economy is slowing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Locally, investors continue to monitor for any hints that could foreshadow the Philippine GDP report on Thursday.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped amid a lack of catalyst as investors await the Philippines’ economic growth for the full year that will be released this week. Investors also took profits at the last minute, dragging the bourse to the red territory.”

She noted though that, “Despite the decline, the market was still able to hold its ground above 7,000 levels. So far, we’re still seeing the 7,000 to 7,100 as the resistance range for the market while the support is pegged at 6,800.