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Manila Bulletin devider Business devider The Stock Market devider PSEi ends week lower

PSEi ends week lower

Published Jan 19, 2024 08:56 am

The local stock market dipped to end the week lower as investors seek fresh catalysts.

The main index shed 7.33 points or 0.11 percent to close at 6,503.54 with sectoral indices evenly split. Volume rose to 301 million shares worth P6.19 billion as gainers outnumbered losers 106 to 65 with 59 unchanged.

“Philippine shares traded sideways with certain issues rallying, following major advances in the US technology sector, after Bank of America upgraded shares of Apple to a buy rating,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Traders will watch out for December’s existing home sales reading, a reflection on the current state of the U.S. housing market. Preliminary consumer sentiment data is also due Friday.”

Philstocks Financial Assistant Research Manager Claire Alviar said “On the last trading day of the week, the local bourse dropped primarily due to strong net foreign selling amounting to P802.44 million.”

She noted that, “The sentiment was further dampened by the depreciation of the peso. Meanwhile, many investors were still waiting for a fresh catalyst to move the market.”

 

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