The local stock market dipped on the last trading day of the year as index heavyweights continued to drag down the PSEi even though more stocks were up.
The main index shed 10.23 points or 0.16 percent to close 2024 at 6,528.79 as Banks suffered the biggest loss while Mining stocks surged. Volume was still thin at 1.18 billion shares worth P4.19 billion as gainers outnumbered losers 138 to 82 with 44 unchanged.
“The PSEi ended 2024 lower, mirroring U.S. market trends, as jobless claims fell to 219,000, below the 225,000 forecast, while continuing claims rose to 1.91 million, the highest since November 2021,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Gold gained on safe-haven demand in thin trading, with spot gold up 0.8 percent to $2,634.39 per ounce and U.S. futures rising 0.7 percent to $2,654.60.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market declined as investors booked gains after three days of climbing.”
He noted that, “Investors chose to take a cautious stance in the last trading day of the year in light of the uncertainties in 2025 including the pace of the Fed and the BSP’s policy easing and the prospects of a protectionist US under President-elect Donald Trump’s leadership.”
"The year's last trading session saw the PSEi post a slight dip from the prior day's close but just enough to end 2024 with a modest gain of 1.22 percent year-on-year," said Chinabank Capital Corporation Managing Director Juan Paolo Colet.
He added that, "It was a bittersweet culmination to a volatile year marked by steep rallies and corrections as hope turned into caution. Just like 2023, this year again turned out to be fairly good for investors who were able to trade in and out of the major market waves."