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Manila Bulletin devider Business devider The Stock Market devider PSEi lower as investors book gains

PSEi lower as investors book gains

Published Jan 3, 2024 08:34 am

The local stock market declined as investors were quick to take profits from the previous day’s rally.

The main index dropped 55.16 points or 0.84 percent to close at 6,498.88 as Banks led the slide across the board. Volume thinned further to 182 million shares worth P3.11 billion as gainers edged out losers 74 to 71 with 49 unchanged.

“Philippine equities retracted following the surge from yesterday's trading day. In the US, US stocks traded mixed as major tech stocks declined,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “here at home, investors are on the sidelines awaiting for the first inflation print of the year which will be released this Friday. Consensus is at 4 percent.“

“The trading in the market was halted by the Exchange in the morning, then it resumed before the market recess and continued in the afternoon,” noted Philstocks Financial Assistant Research Manager Claire Alviar.

She added that, “the local bourse dropped after the weak rally yesterday .Adding to the market's negative sentiment was the slowdown in S&P Global Philippines Manufacturing PMI in December.“

 

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