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Manila Bulletin devider Business devider Stocks close lower over budget delay

Stocks close lower over budget delay

Published Oct 10, 2020 06:00 am

The local stock market ended the week lower yesterday over concern that the passage of next year’s budget will be delayed. 

The Philippine Stock Exchange index (PSEi) shed 11.05 points, or 0.19 points, to close at 5,931.61 with sectoral indices mixed. 

Volume was lower at 9.16 billion shares worth P5.63 billion with gainers beating losers 119 to 76 with 43 unchanged. 

“The local bourse declined due to worries over a possible delay in the passage of the national budget for 2021 which would serve as a risk against the local economic recovery,” said Philstocks Financial Senior Analyst Japhet Tantiangco. 

Regina Capital Development Corporation Managing Director Luis Limlingan noted that, “Local shares retraced from earlier losses to close marginally lower after House Speaker Nancy Pelosi rejected the idea of a standalone bill to aid the airline industry, saying such a measure would need to be part of a broader fiscal stimulus package. President Trump doubled down on the Fiscal Stimulus and insisted now to have a larger than the proposed airline stimulus.”

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