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Manila Bulletin devider Business devider The Stock Market devider PSEi lower with high inflation, slow GDP

PSEi lower with high inflation, slow GDP

Published May 10, 2024 09:58 am

The local stock market ended the week lower as investors fret over unfavorable inflation and GDP numbers released by the government.

The main index lost 30.53 points or 0.47 percent to close at 6,511.93 as the Property sector led the decline although Miners and Conglomerates gained ground. Volume dropped to 425 million shares worth P3.67 billion as gainers outnumbered losers 109 to 84 with 48 unchanged.

“Philippine shares wrapped up the trading week on a downward note as investors exercised caution amidst persistent concerns over inflation and elevated interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse extended its decline as investors continued to digest the first quarter GDP growth. Given the dismal data, many investors opted to remain on the sidelines as market participation weakened.”

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stocks Philippine Stock Exchange (PSE)
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