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Stocks dip on slowed bank lending

Business | The Stock Market

Stocks dip on slowed bank lending

By Khriscielle Yalao

The local stock market dipped as continued slow bank lending in September drags investor sentiments.

The main index edged down by 5.26 points or 0.09 percent closing at 6,110.88 with only the Holding Firms and Property indices reporting gains by 0.37 and 0.58 percent respectively.

Volume of shares traded amounted to 361 million valued at P2.87 billion as losers surpass gainers 104 to 63, with 45 unchanged.

Philstocks Financial Assistant Research Manager Claire Alviar said that on the local front, “the slowdown in bank lending this September somehow dampened the sentiment” of market participants.

According to the Bangko Sentral ng Pilipinas (BSP), the lending growth of big banks slowed to 6.5 percent year-on-year, a 21-month low, in September.

This is coupled with investors awaiting the US inflation data and monitoring the meeting between US President Biden and China President Xi Jinping, she added.

Meanwhile, Regina Capital Development Cooperation Managing Director Luis Limlingan said “Philippine shares closed mixed after Moody’s cut to U.S. outlook while others were looking ahead to the inflation data this week.”

He also noted that “oil prices advanced more than one percent, propelled by optimism generated from OPEC's monthly market report.”

“The report alleviated concerns regarding declining demand in the United States and China, contributing to the positive momentum in oil prices,” he added.

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