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Manila Bulletin devider Business devider The Stock Market devider Stocks drop anew as investors wait for US Fed signal

Stocks drop anew as investors wait for US Fed signal

Published Aug 25, 2023 08:27 am

The local stock market fell again after a one day breather as investors held on to cash ahead of US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole.

The main index dropped 65.17 points or 1.05 percent to close at 6,160.61 as Banks led the retreat across the board. Volume remained weak at 340 million shares worth P3.57 billion as losers beat gainers 101 to 66 with 43 unchanged. 

“Philippine stocks fell below 6200 as investors stayed cautious ahead of Powell’s Jackson Hole speech. On the data front, traders will also be eyeing consumer sentiment data for August,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market fell as investors braced for Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium.”

He explained that, “investors took a cautious stance while waiting for the said speech as it may provide clues on the Federal Reserve’s policy direction moving forward.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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