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Manila Bulletin devider Business devider The Stock Market devider Bearish PSEi end week lower

Bearish PSEi end week lower

Published Nov 22, 2024 08:24 am

The local stock market dropped on concern over the weaker peso and the escalation of the war between Russia and Ukraine.

The main index fell 82.88 points or 1.21 percent to close at 6,780.13 with Conglomerates leading the retreat while Miners bucked the trend. Volume fell to 605 million shares worth P3.15 billion as losers outnumbered gainers 108 to 76 with 64 unchanged.

“Philippine shares fells once more as missile strikes between Russia and Ukraine dominated headlines,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market extended its decline as investors continued with their profit-taking, maintaining a cautious stance amid the lack of fresh positive leads.”

“Also weighing on the market was the weakness of the local currency against the US Dollar, already touching the 59.00 level,” he added.

 

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