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Manila Bulletin devider Business devider The Stock Market devider Stocks pause rally before US GDP report

Stocks pause rally before US GDP report

Published Jan 25, 2024 08:53 am

The local stock market took a breather after a three-day rally while investors wait for US economic data.

The main index shed 6.46 points or 0.10 percent to close at 6,673.50 as the Mining and Oil sector continued to drop while Banks and Industrials stayed in the green. Volume was low at 684.77 million shares worth P4.88 billion as losers beat gainers 105 to 67 with 51 unchanged.

“The PSEi concluded trading  mixed as investors braced for the US fourth quarter gross domestic product,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He explained that, “the results could be a key catalyst for stocks as investors try to glean details on the state of the economy heading into the new year.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “the local market inched down as investors took profits after a 3-day rally. The bourse seems to have a hard time as it nears the 6,700 resistance level which may indicate that investors are not yet prepared to get past the said level as reflected by this session’s low net market value turnover.”
 

Related Tags

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