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Manila Bulletin devider Business devider The Stock Market devider Stocks drop on lower remittance growth

Stocks drop on lower remittance growth

Published Apr 18, 2023 09:25 am
The local stock market declined after the release of cash remittance data showing slower growth. The main index lost 40.90 points or 0.63 percent to close at 6,464.72 as the Property sector led the retreat. Volume fell to 770 million shares worth P3.0 billion as losers beat gainers 114 to 61 with 55 unchanged. “Philippine shares closed weaker, as investors parsed through mixed results from State Street and Charles Schwab. The latter's price rose on better than expected results, while the former dropped after disappointing results,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Back home, investors are keeping to the sidelines ahead of the first quarter earnings reports, as the latest cash remittance data came out as expected.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as the lower cash remittance growth in February and the depreciation of the peso against the dollar weighed on sentiment.” “In February, Overseas Filipinos’ cash remittances grew by 2.4 percent, lower than January’s 3.5 percent. Moreover, the depreciation of the peso vs the USD added to the negative sentiment. Earlier, the peso reached 56.00 level against the USD,” she noted.
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