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Stocks dip as market remains cautious

Business | The Stock Market

Stocks dip as market remains cautious

By James A. Loyola

The PSEi dipped as investors continue to wait for cues from the upcoming release of economic data this week.

The main index shed 8.68 points or 0.13 points to close at 6,734.21 as Conglomerates led the decline while the Services and Mining counters advanced. A total of 492 million shares worth P5.77 billion changed hands as gainers outnumbered losers 103 to 90 with 48 unchanged.

“Philippine and US equities delivered mixed results as investors await more data that would confirm that the world economy continues to show signs of recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “locally, bargain-hunting and inflation optimism were not enough to lift the market.”

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market declined this Tuesday as investors quickly booked profits from yesterday’s climb, reflecting their cautious stance amid lingering uncertainties.”

“Investors also digested the ASEAN+3 Macroeconomic Research Office’s downward revision of its Philippine economic growth forecast for 2024 from 6.1 percent to 5.8 percent,” he noted.

Related Tags

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

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