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Manila Bulletin devider Business devider The Stock Market devider Stocks flat as investors wait for US economic data

Stocks flat as investors wait for US economic data

Published Apr 22, 2024 09:02 am

The local stock market was flat as investors preferred to wait for cues instead before engaging in bargain hunting.

The main index added just 1.08 points or 0.02 percent to close at 6,444.08 as sectoral indices were equally split. Volume fell to 564 million shares worth P3.63 billion as gainers outnumbered losers 96 to 82 with 47 unchanged.

“Philippine shares started the week quietly on thin volume as the market awaits further updates on the geopolitical front. For the week ahead, there are several key economic data releases scheduled for both the United States and the Philippines,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

In the U.S., on Wednesday, Durable Goods data is expected while the GDP Growth Rate is anticipated to be released on Thursday.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse inched up after the strong sell-off last week. However, it was noticeable that many investors remained on the sidelines, with the net market value turnover registering at only P3.41 billion, lower than month-to-date average of P5.16 billion.”

“Meanwhile, President Marcos's directive to ease the importation process of agricultural products provided a boost to market sentiment. This change is anticipated to ease short-term supply issues, which in turn should help reduce inflation caused by supply shortages,” she noted.
 

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