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Manila Bulletin devider Business devider The Stock Market devider PSEi lower on last trading day of 2023

PSEi lower on last trading day of 2023

Published Dec 29, 2023 08:31 am

The local stock market fell on its last trading day of the year as investors preferred to hold on to cash during the long weekend.

The PSEi lost 69.07 points or 1.06 percent to close at 6,450.04, dragged down by Conglomerates which fell 3.41 percent. Volume rose to 1.12 billion shares worth P4.88 billion as gainers still beat losers 118 to 78 with 49 unchanged.

“Philippine shares were sold down as funds took profit to close out 2024. The month of December saw modest gains of 3.64 percent, but year to date the index fell 1.77 percent," said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said that “the local bourse dropped on the last trading day of the year, mirroring a trend in most Asian markets, as investors sought to secure gains ahead of the long weekend.”

“Also, the anticipation that the country's economic growth next year would still be below the government’s target weighed on the sentiment,” she added.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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