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Manila Bulletin devider Business devider The Stock Market devider Stocks weighed down by US bourses

Stocks weighed down by US bourses

Published Mar 6, 2024 09:02 am

The local stock market weakened further, weighed down by the performance of US stocks and the higher Philippine inflation numbers for February.

The main index shed 26.92 points or 0.39 percent to close at 6,878.54 as the Industrial sector led the retreat while Banks managed to buck the trend. Volume dipped to 502 million shares worth P4.81 billion as losers outnumbered gainers 104 to 78 with 58 unchanged.

“Philippines shared slipped again, weighed by large cap tech names and further assessment of local CPI and the upcoming US CPI,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors continued to digest the latest inflation rate figures. Additionally, negative cues from Wall Street overnight weighed on sentiment.”

“Meanwhile, foreign investors remained net buyers, registering a net inflow of P50.33 million,” 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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