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Manila Bulletin devider Business devider The Stock Market devider Stocks drop further on weak economic data

Stocks drop further on weak economic data

Published Aug 11, 2023 09:04 am

Stocks drop further on weak economic data 

The PSEi ended the week lower as investors sold down stocks after the Marcos government reported a much lower-than-expected economic growth rate. 

The main index lost 43.75 points or 0.68 percent to close at 6,405.91 as the Services counter led the retreat although Miners managed to advance. Volume was still low at 445 million shares worth P3.83 billion as losers outpaced gainers 94 to 74 with 43 unchanged. 

“Philippine shares closed lower as traders mulled over July’s consumer inflation report (US) and looked ahead to wholesale prices data,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “July’s CPI indicated prices rising by 3.2 percent on an annual basis, which was lower than the 3.3 percent forecasted by economists, per Dow Jones.“

Philstocks Financial Assistant Research Manager Claire Alviar said, “on the last trading day of the week, the local bourse extended its decline, as the drop in FDI net inflows further weighed on negative sentiment following the disappointing second-quarter GDP growth figures released yesterday.” 

“In May, the Philippines foreign direct investment posted a net inflow of $488 million, dropping by 34 percent year on year. Meanwhile, the net market value turnover remained weak as many investors remained on the sidelines,” she added. 
 

 

Related Tags

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