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The Stock Market

PSEi closes weaker as week ends

Business | The Stock Market

PSEi closes weaker as week ends

By James A. Loyola

The local stock market dropped as investors cashed out at the end of the week.

The main index fell by 86.98 points or 1.39 percent to close at 6,154.99 with the retreat led by the services sector while miners bucked the trend with a small gain. Volume rose to 450 million shares worth P6.06 billion as losers beat gainers 115 to 75 with 50 unchanged.

“Philippine investors took profits ahead of the long weekend, assessing the latest CPI report and global developments,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that “wall Street also closed mixed as investors weighed corporate earnings and shrugged off tariff concerns after Trump paused duties on Mexican and Canadian goods.”

Focus now shifts to January’s jobs report, with economists expecting 169,000 new jobs, down from December’s 256,000.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market extended its decline as investors continued with their profit taking."

"Investors also considered the Department of Trade and Industry’s latest suggested retail prices wherein 77 items had price increases, posing inflationary risks," he added.

Related Tags

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

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