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

Stocks drop as investors wait for news

Published Mar 25, 2024 08:14 am

The local stock market declined as investors wait for fresh cues from the US.

The main index dropped 28.87 points or 0.42 percent to close at 6,853.10 as Banks led the retreat with only Conglomerates holding on to gains. A total of 553 million shares worth P5.48 billion were traded as losers beat gainers 113 to 82 with 48 unchanged.

“Philippine shares were quietly sold down as investors prepare for a shortened week while awaiting the quarter end close,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “meanwhile, others await this week's key economic data releases such as the durable goods report on Tuesday and the core PCE inflation report on Friday. There are several speaking engagements from Fed officials this week, including an event with Governor Waller at the Economic Club of New York on Wednesday and a discussion with Chair Powell hosted by the San Francisco Fed on Friday.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse declined as both local and overseas investors monitored the inflation rate in the region. In addition, the depreciation of the Philippine peso against the US dollar in the past few days weighed on sentiment.“

“Foreign investors also contributed to the market’s decline, registering a net outflow of P246.47 million,” she added.

 

Related Tags

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