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Manila Bulletin devider Business devider The Stock Market devider PH shares end week lower

PH shares end week lower

Published May 24, 2024 10:25 am

The local stock market ended the week lower as sentiment was dragged down by the steep drop in US bourses.

The main index lost 40.1 points or 0.60 percent to close at 6,619.89 led by the drop of the Property sector while Services managed to advance. Volume shrank to 557 million shares worth P4.47 billion as losers beat gainers 103 to 86 with 48 unchanged.

“Philippines shares took a breather heading into the long US holiday weekend, with the Dow suffering a 1.53 percent decline, its worst session since March 2023, heavily impacted by a 7.6 percent drop in Boeing shares,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The release of the Fed minutes revealed heightened concerns among policymakers about the slow progress in curbing inflation, overshadowing even the positive sentiment around Nvidia.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped following negative cues from Wall Street as hopes for a soon-to-come rate cut by the Federal Reserve began to wane. In Asia, investors were also assessing inflation data in the region.”

 

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