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Manila Bulletin devider Business devider The Stock Market devider Stocks weaken on lower FDI

Stocks weaken on lower FDI

Published Nov 11, 2024 08:06 am

The local stock market continued to weaken as the week started with news of a drop in foreign direct investments (FDI).

The main index lost 37.17 points or 0.53 percent to close at 6,940.02 as only Banks held their ground while the Mining sector fell on lower gold prices. Volume was low at 548 million shares worth P3.84 billion as losers beat gainers 118 to 70 with 55 unchanged.

“Local shares opened the week in the red as investors digested the latest FDI data from the Bangko Sentral ng Pilipinas,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, according to BSP data, FDIs, including equity capital, reinvested earnings, and borrowings, dropped by 14.5 percent year-on-year to $813 million in August, indicating potential caution among foreign investors.

“Meanwhile, gold prices fell on Friday, marking their largest weekly drop in five months. This decline, with spot gold down by 0.80 percent to $2,684.03 per ounce, was largely due to a stronger dollar and market reactions to Donald Trump’s presidential victory, which has stirred speculation about possible increases in U.S. interest rates,” Limlingan said.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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