The local stock market dipped as investors wait for tomorrow’s announcement of the country’s last gross domestic product report for 2023.
The main index shed 8.67 points or 0.13 percent to close at 6,622.01 with sectoral indices evenly mixed. Volume was still low at 550 million shares worth P4.48 billion as gainers and losers were tied at 91 each while 47 were unchanged.
“Philippine shares traded flat as investors analyzed the latest corporate earnings with the Federal Reserve policy meeting on the horizon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
“Later today, the data on housing, the labor market and consumer confidence are expected to be released. These numbers come as market participants finalize their expectations for Wednesday’s monetary policy announcement and subsequent press conference,” he added.
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local market dropped due to last-minute profit-taking as investors took a cautious stance ahead of the release of the Philippine fourth-quarter GDP growth data tomorrow.”
“Investors seem to have digested Moody’s Analytics’ fourth quarter 2023 GDP growth projection for the Philippines which is at 4.9 percent, slower than the previous quarter which stood at 5.9 percent. Worries over China’s economic growth also dampened the sentiment as its property sector remained fragile after the Hong Kong court ordered the liquidation of China’s Evergrande,” he noted.