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Manila Bulletin devider Business devider Stocks drop on weak US bourses

Stocks drop on weak US bourses

Published Jan 10, 2023 04:14 pm

The local stock market declined as investors took profit following mostly weaker US bourses prior to the release of inflation data.

The main index dropped 33.55 points or 0.49 percent to close at 6,756.69 with only the Services sector managing to stay in the green. Volume jumped to 2.51 billion shares worth P20.64 billion as losers beat gainers 101 to 86 with 51 unchanged.

“Philippine shares closed slightly lower after mixed start of the US with the Nasdaq as the sole index that closed in the green,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investors took comfort in the possibility that the Federal Reserve can slow the economy and bring down inflation without tipping the economy into a recession, and assumed a risk-on stance.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped due to lack of catalyst as investors await the US inflation rate. Also, net foreign selling of P162.96 million weighed on the market.”

She noted that, “Investors also took profit near the 6,800 immediate resistance level. Our support remains at 6,600.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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