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Manila Bulletin devider Business devider The Stock Market devider Stocks dip on last-minute selling

Stocks dip on last-minute selling

Published Sep 18, 2024 07:47 am

The local stock market closed lower on late profit-taking on heavyweights as investors continue to wait for word from the US Federal Reserve.

The main index dropped 19.46 points or 0.27 percent to end at 7,155.90 with sectoral indices split. Volume dipped to 865 million worth P6.01 billion as gainers trounced losers 125 to 68 with 60 unchanged.

“The PSEi snapped its two-day winning streak as traders awaited the Fed's rate cut decision, with a 63 percent chance of a 50 basis point cut. However, some investors are concerned that a larger-than-expected cut could indicate underlying economic weakness,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said, "last minute profit taking sent the local market lower this Wednesday. Investors booked gains following the bourse’s two-day rally."

"Investors also took a cautious stance while waiting for the Federal Reserve’s policy decision," he noted. 

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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