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Manila Bulletin devider Business devider The Stock Market devider Stocks fall below 6,200 level

Stocks fall below 6,200 level

Published Aug 23, 2023 08:20 am

The local stock market continued to trek downwards on growing pessimism about the growth prospects of the US and Philippine economies.

The main index lost 32.76 points or 0.53 percent to close at 6,179.63 percent with Banks dropping the most although sectoral indices were evenly split. Volume weakened to 347 million shares worth P3.62 billion as losers outnumbered gainers 107 to 64 with 46 unchanged. 

“Philippine shares ended the session below 6,200 as the mixed retail news (in the US) dampened investors' sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “investors await the release of new (US) home sales and purchasing data. They'll also be readying for the start of a two-day Fed symposium in Jackson Hole, Wyoming, beginning Thursday. Fed Chair Jerome Powell is expected to deliver remarks Friday.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse extended its decline as sentiment was further dragged by the expectation of the Bangko Sentral ng Pilipinas (BSP) that our country may miss the DBCC’s economic growth target of 6 percent  to 7 percent due to the ongoing economic headwinds coupled with the impact of its monetary tightening.” 
 

Related Tags

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