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Manila Bulletin devider Business devider The Stock Market devider Stocks fall ahead of long weekend

Stocks fall ahead of long weekend

Published Dec 7, 2023 08:30 am

Local share prices fell as investors preferred to hold on to cash over the long weekend.

The main index lost 71.08 points or 1.13 percent to close at 6,234.77 as Banks led all sectors in the retreat. Volume eased to 270 million shares worth P3.67 billion as gainers edged out losers 83 to 82 with 49 unchanged.

“Philippine shares were sold ahead of the long weekend as investors assessed data indicating falling inflation and jobs report,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “This Thursday, the local market dropped as investors took cues from Wall Street’s overnight performance wherein trading was cautious as investors await the US’ November labor market data. The decline in China’s November imports also weighed on sentiment as the said country is one of the Philippines’ top trading partners." 

"Additionally, the dismal ranking of the Philippines in the recent 2022 Program for International Student Assessment (PISA) wherein the country ranked 77th out of 81 countries, was digested by investors. The results reflected our relatively challenged educational sector which can have consequences on our economy’s competitiveness in the long run,” 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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