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Manila Bulletin

Business

Stocks drop despite stronger GDP growth

Business

Stocks drop despite stronger GDP growth

By James A. Loyola

The local stock market weakened despite the announcement of stronger-than-expected economic growth in the fourth quarter as investors sold on news.

The main index lost 38.66 points or 0.55 percent to close at 7,042.70 with the Services counter leading all sectors down. Volume remained weak at 1.34 billion shares worth P5.11 billion as gainers beat losers 107 to 99 with 49 unchanged.

“Investors parsed through the latest batch of US corporate earnings that led to some market weakness globally and locally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market inched down as investors worried over the decline in the Philippines' exports last December 2022 which somehow reflects the challenging global economic environment due to several headwinds offshore such as the ongoing Russia-Ukraine war, China’s economic slowdown and the tight monetary policy in the US.“

“Additionally, the higher than expected GDP growth in the fourth quarter raised concerns that inflation may remain elevated amid strong aggregate demand which in turn may cause the Bangko Sentral ng Pilipinas to further hike rates moving forward,” he noted.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial

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