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Manila Bulletin devider Business devider The Stock Market devider Stocks plunge ahead of Holy Week

Stocks plunge ahead of Holy Week

Published Mar 22, 2024 08:54 am

The local stock market pulled back from the previous day’s spike as investors cashed out ahead of the weekend marking the start of the Holy Week when many are expected to go on vacations.

The Philippine Stock Exchange Index (PSEi) fell 82.25 points or 1.17 percent to close at 6,881.97 as the Services counter plunged while Industrials and Miners posted gains. Volume dipped further to 540 million shares worth P5.86 billion as losers beat gainers 111 to 80 with 52 unchanged.

“Philippine shares succumbed to profit taking as the Holy week starts, even with the DJIA up by 0.83 percent and the S&P 500 rising by 0.56 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “on the last trading day of the week, the local bourse dropped as investors took profits from yesterday‘s rally, especially that it was near the 7,000 strong resistance level.”

“Meanwhile, the expectation of a higher inflation rate in March compared to February’s figure, somehow, weighed on sentiment,” she added.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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