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Manila Bulletin devider Business devider The Stock Market devider Stocks fall on worries over China's economy

Stocks fall on worries over China's economy

Published Aug 14, 2023 08:43 am

The local stock market fell further as investors continued to worry over the Philippines' and China's economies. 

The main index fell by 76.72 points or 1.20 percent to close at 6,329.19 as the Property sector led the retreat although Miners managed to advance. Volume was higher at 716 million shares worth P4.58 billion as losers beat gainers 118 to 45 with 53 unchanged. 

“Philippine shares slid as fears escalated surrounding China's worsening property market slump, as a fresh batch pointed to tightening conditions,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “the latest releases shows China’s bank loans slid, while consumer and producer prices both declined. This comes after China's trading data fell below analysts' projections last week.”

Philstocks Financial Assistant Research Manager Claire Alviar said “Investors’ sentiment continued to be dragged by the disappointing second quarter economic growth.  Pantheon Macroeconomics’ economic growth forecast downgrade from 5.5 percent to 4.5 percent weighed further on sentiment.”

“Overseas, Asian markets were also mostly in the red as worries over the property sector in China heightened,” she added. 
 

Related Tags

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