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Manila Bulletin devider Business devider The Stock Market devider Stocks fall on MSCI rebalancing

Stocks fall on MSCI rebalancing

Published Nov 30, 2023 09:03 am

The local stock market continued to decline as investors adjust their holdings to the new MSCI index composition.

The main index dropped 41.41 points or 0.66 percent to close at 6,223.73 with Conglomerates leading the retreat although Banks and Property stocks managed to advance.

Volume rose to 396 million shares worth a P7.9 billion as losers outnumbered gainers 95 to 72 with 43 unchanged.

“The PSEi wrapped up the last trading day of Nov. flat down, with many rebalancing portfolios to take into account the latest MSCI rebalancing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “others also factored in interest rates that lingered at higher levels.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “the local market dropped as investors continued with their profit taking. Concerns over China’s economy, which is one of the Philippines’ major trading partners, also weighed on sentiment.”

He noted that, “the local bourse has been in the red territory for the whole trading day but market participation continued to show improvement with a net value turnover higher than the year-to-date average of P4.91 billion.”

Related Tags

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