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Manila Bulletin devider Business devider The Stock Market devider Stocks lower as investors wait for news

Stocks lower as investors wait for news

Published Feb 26, 2024 08:16 am

The local stock market declined after a positive start as investors chose to pocket gains while waiting for fresh economic data.

The main index dropped 21.72 points or 0.31 percent to close at 6,891.49 although sectoral indices were equally divided. Volume remained thin at 677 million shares worth P4.24 billion as gainers still beat losers 89 to 78 with 65 unchanged.

“Philippine shares slipped below the 6,900 level as investors took profit right before the close of February and the latest MSCI rebalancing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

"For the week, the key economic data releases in the US this week are the durable goods on Tuesday, the GDP growth on Wednesday, the Core PCE Index on Thursday, and the ISM Mfg. PMI on Friday," he said.

He also noted that "here at home, investors wait for the latest data on the budget balance on Thursday, as well as the S&P Mfg. PMI and PPI on Friday."

Philstocks Financial Assistant Research Manager Claire Alviar said, “this Monday, the local market dropped as investors secured gains after a 4-day rally, while they awaited fresh catalysts to break the 7,000 psychological level. The bourse joined most of its regional peers in the red territory as profit-taking prevailed as well.”

“Moreover, the sentiment was further dampened by tempered rate cut hopes after BSP Deputy Governor Francisco G. Dakila, Jr. stated that the central bank is prepared to adjust its monetary policy settings as needed as inflation risks are present,” she added.
 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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