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Manila Bulletin devider Business devider The Stock Market devider Stocks fall as US yields rise

Stocks fall as US yields rise

Published Oct 24, 2024 08:40 am

The PSEi fell, weighed down by losses in the US amid economic uncertainties and rising Treasury yields.

The main index dropped 83.87 points or 1.14 percent to close at 7,283.79 with Banks leading the retreat. Volume slipped to 776 million shares worth P3.8 billion as losers swept gainers 139 to 53 with 53 unchanged.

“Philippines shares marked another loss as the Dow and S&P 500 fell, pressured by the 10-year Treasury yield's rise to 4.25 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “local sentiment was pulled down, tracking global sentiment amid rising yields and economic uncertainties.”

Philstocks Financial Research Manager Japhet Tantiangco said "the local market extended its decline this Thursday as investors continued to exit amid the lack of positive catalysts."

"Negative spillovers from Wall Street amid the rise in the US’ long term treasury yields also weighed on the local bourse. The exit of foreign funds also contributed to the fall with net outflows amounting to P206.43 million," he noted.
 

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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