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Manila Bulletin devider Business devider The Stock Market devider Stocks drop as investors wait for economic news

Stocks drop as investors wait for economic news

Published Jan 29, 2024 09:00 am

The local stock market lost ground as investors held on to cash while waiting for economic news here and overseas.

The main index dropped 55.41 points or 0.83 percent to close at 6,630.68 with the Mining and Oil sector leading the retreat. Volume was thin at 303 million shares worth P4.22 billion with losers beating gainers at 103 to 64 with 61 unchanged.

“Philippine shares were sold down as funds began to reposition ahead of the month end window dressing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “fund managers decided to keep cash ahead of a new batch of economic releases. For this, week the key economic data releases this week are the Employment Cost Index on Wednesday, the ISM manufacturing report on Thursday, and the employment report on Friday. The January FOMC meeting is on Wednesday.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse took out some of last week’s gains while awaiting the release of the Philippine fourth-quarter GDP growth data this week. The sentiment was further dampened by the statement of the BSP, saying that a strong economic growth would give them more room to tighten their policies.”

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