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

Stocks dip as investors wait for news

Published Aug 12, 2024 08:07 am

The local stock market declined as investors took profits while waiting for major market moving news from overseas and the domestic front.

The main index dropped 34.44 points or 0.52 percent to close at 6,613.36 as the Mining and Oil counter led the retreat while the Services sector managed to buck the trend. Volume fell to 505 million shares to P3.67 billion as losers outnumbered gainers 105 to 79 with 52 unchanged.

“Philippine investors kept to cash as many awaited the latest results of the MSCI rebalancing which will be out later, while also waiting for the US to kick off their trading week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He also noted that “many will be making bets ahead of the BSP meeting on Thursday, as many are jostling what will be the Monetary Board's stance with policy rates.  In addition, this week’s regional key economic data releases include the U.S. PPI and inflation rate while, in the Philippines, they will be on the lookout for FDI data and cash remittances."

Philstocks Financial Research Manager Japhet Tantiangco said "the local market declined this Monday as investors took a cautious stance while waiting for the BSP’s policy meeting set this week." 

"Investors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and GDP figures," he said.

 

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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