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Stocks weaken after 3-day surge

Business | The Stock Market

Stocks weaken after 3-day surge

By James A. Loyola

The local stock market declined as concerns overseas prompted investors to lock in recent gains. The main index dropped 43.45 points or 0.65 percent to close at 6,637.00 as the Mining and Oil sector led the retreat.

Volume was relatively steady at 501 million shares worth P5.98 billion as losers beat gainers 114 to 67 with 58 unchanged.

“Philippine shares slipped as renewed fears of the Chinese property market kept investors on the sidelines, while others awaited a slew of corporate earnings, particularly from the likes of Goldman Sachs and Morgan Stanley,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Additionally, he said that the market is looking ahead to December retail sales data which is scheduled to be released on Wednesday. “The said metric could fuel recessionary fears and concerns about economic growth if U.S. consumer spending slowdowns,” said Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said local market dropped as investors took profits after a 3-day rally. “Investors seem to be waiting for a positive catalyst to emerge first before pushing through with a sustainable rally,” he said.

“The tension in the Red Sea is also being monitored by many as this poses an upside risk to oil prices. This comes amid reports that oil tankers are avoiding the said area amid the turmoil between the US forces and the Houthis,” he added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial

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