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Manila Bulletin devider Business devider The Stock Market devider Stocks plunge below 6500 at end of quarter

Stocks plunge below 6500 at end of quarter

Published Mar 31, 2023 08:42 am
The local stock market bucked the upward movement of US and regional bourses, falling below the 6,500 level despite anticipated quarter-end window dressing. The PSEi plunged 145.07 points or 2.18 percent to close at 6,499.68 as the Property counter led the retreat while Services and Mining sectors managed to hold their ground. Volume improved to 627 million shares worth P6.18 percent as losers beat gainers 107 to 73 with 47 unchanged. “The 6500 support was easily breached as investors conclude the quarter,” said Regina Capital Development Corporation Managing Director Luis Limlingan noting the double-digit drops of Monde Nissin, Aboitiz Equity Ventures, and JG Summit. He added that, “The property sector was heavily strained the most following the release of the fourth quarter of 2022 housing prices data from the BSP which rose by 7.7 percent year-on-year. Philstocks Financial Assistant Research Manager Claire Alviar said “The market ended the trading week on a negative note due to the market's attempt to avoid uncertainties over the weekend and may have been further influenced by preparations for the upcoming long weekend, which weighed on the market sentiment.” “On the economic data front, the increase in the national government’s outstanding debt as of end-February, further weighed on the market sentiment,” shed added.
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