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Manila Bulletin devider Business devider The Stock Market devider Shares drop as investors cash out

Shares drop as investors cash out

Published Dec 21, 2023 08:49 am

The Philippine Stock Exchange index (PSEi) dropped as investors continue to cash out of the market due to the coming holidays.

The main index lost 51.52 points or 0.79 percent to close at 6,469.23 as the Property sector led the retreat while Banks bucked the trend. Volume rose to 1.99 billion shares worth P8.64 billion as losers beat gainers 122 to 71 with 46 unchanged.

“Philippine stocks closed lower as investors have cashed in profits, resulting in the Dow snapping its nine-day winning streak,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “back home, the local bourse has managed to stay above the 6,400-levels, with the recent dovish shift on interest rates.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said "this Thursday, the local market dropped as investors took cues from Wall Street’s overnight performance wherein profit taking took place.”

“At home, the hawkish statements from the Bangko Sentral ng Pilipinas Governor Eli Remolona stating that policy rates may remain elevated in the next few months weighed on the sentiment. As a result, the bourse was in the red territory for the whole session and even dropped below the 6,500 level.,” he noted.
 

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