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Manila Bulletin devider Business devider The Stock Market devider Stocks drop following weaker US bourses

Stocks drop following weaker US bourses

Published Feb 27, 2024 08:48 am

The local stock market lost more ground following the decline in US share prices.

The main index dropped 30.82 points or 0.45 percent to close at 6,860.67 with the Mining and Oil sector leading the retreat while the Services and Industrial counters recovered. Volume rose to 577 million shares worth P5.66 billion as losers trounced gainers 112 to 63 with 49 unchanged.

“Philippine shares continued to be sold down following the sentiment in the US, as the market halted its prior rallies, with investors awaiting for more inflation related data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “investors are also keeping to cash as they assess the release of more local earnings, the latest heavyweight disclosing being BDO and MER.”

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market extended its decline this Tuesday as investors continued to take profits amid the lack of a fresh positive catalyst on the local economy’s outlook.”

He noted that “the local bourse also took cues from Wall Street’s overnight decline wherein investors took a cautious stance while waiting for upcoming US economic data including the January personal consumption expenditure price index.“

 

Related Tags

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