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Manila Bulletin devider Business devider The Stock Market devider Stocks sink further on negative outlooks

Stocks sink further on negative outlooks

Published Oct 24, 2023 08:39 am

The local market sank further as investors continue to disengage due to negative global outlooks. 

The main index dropped by 48.72 points or 0.80 percent closing at 6,039.72 with all sectoral indices down for the second consecutive day. 

Total volume of shares traded was 276 million worth P2.6 billion as losers once again outperformed gainers 100 to 72 with 57 unchanged. 

Philstocks Financial Assistant Research Manager Claire Alviar said "the local bourse dropped as many investors stayed on the sidelines while waiting for a positive catalyst." 

"So far, concerns regarding the Israel-Hamas conflict, high-interest rates, and elevated inflation continue to exert downward pressure on sentiment," she noted. 

Given the losses on all sectors in the market, Alviar added that, "among the index members, only four stocks managed to secure gains, led by Ayala Land, Inc. [PSE: ALI], up by 0.89 percent. Meanwhile, JG Summit Holdings, Inc. [PSE: JGS] was at the bottom, losing 3.40 percent."

Regina Capital Development Corporation Managing Director Luis Limlingan remarked that "Philippine shares logged its fifth losing streak yesterday, dragged by mounting concerns about the state of the broader economy. 

"On the economic front, traders await latest data about the services and manufacturing sectors. Oil prices as the diplomatic efforts to the Middle East conflict eased investors' worries on supply disruptions," he added. 

 

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Philippine Stock Exchange index (PSEi) stock market
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