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Manila Bulletin devider Business devider The Stock Market devider Stocks slump due to mixed Q3 reports

Stocks slump due to mixed Q3 reports

Published Oct 27, 2023 09:03 am

The local stock market saw a second-day slump as corporate earnings reports for the third quarter of the year garner mixed sentiments from investors.

The main index dropped by 56.50 points or 0.94 percent closing at 5,961.99 with all sectoral indices suffering losses between 0.20 to 1.30 percent.

The total volume of shares traded amounted to 349 million valued at P3.7 billion as losers outperform losers 93 to 78 with 53 unchanged.

Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares ended the week below 6,000 as investors digested a slew of corporate earnings releases locally.”

Limlingan noted that “gold prices rose as the Middle East conflict uncertainty prompted investors to flock in the safe-haven metal.” Meanwhile, “oil prices eased as the US crude stockpile cues declining demand.”

For Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael Ricafort, “the PSEi declined for the second straight day and down for the seventh day in eight trading days, a day after the off-cycle local policy rate hike, higher inflation estimates for 2024, and the concerns over the Israel-Hamas crisis.” 
 

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