The Philippine stock market dropped further on concern that the April inflation rate remained high.
The main index fell 59.46 points or 0.94 percent to close at 6,299.69 with only the Mining and Oil counter advancing.
Photo credit: https://www.pse.com.ph
Volume also fell, down to 4.15 bi
The local stock market lost a little more ground as investors continue to wait for more market moving news.
The PSEi shed 10.13 points or 0.16 percent to close at 6,359.15 with only the Financials counter managing to close in the green.
Volume remained anemic at 3.19 billion shares worth P4.63 billion as losers overpowered gainers 149 to 57 with 43 unchanged.
(Photo credit: https://www.pse.com.ph)
“Philippine shares closed slightly lower as investors returned back into the US where shares tied to economic reopening rallied on relaxed pandemic restrictions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Property index heavy-weights ALI and SMPH also released their 1Q earnings, which set the tone for today’s muted PSEi performance.”
Published May 3, 2021, 3:39 PM
The local stock market ended flat after investors immediately pocketed early gains.
The main index was 1.59 percent or 0.03 percent lower at 6,369.28 with sectoral indices evenly mixed.
Volume was low at 3.03 billion shares worth P4.39 billion as losers beat gainers 111 to 83 with 56 unchanged.
PSE file photo
“Local shares started the month of May on a soft note as one of the busiest weeks of first quarter earnings came to a close in the US, while the Philippine geared for more corporate releases,” said Regina Capital Development Corporation Managing Director Luis Limlingan
He added that, “Outside the region, investors took profits amid a flurry of reports and robust profit beat from e-commerce giant Amazon. Many also remained on the sidelines as concerns of wider lockdowns in India and Brazil offset a bullish outlook on summer fuel demand and economic recovery.”
Published April 30, 2021, 3:49 PM
Philippine stocks fell as investors pocketed recent gains ahead of the weekend.
The main index lost 116.64 points or 1.8 percent to close at 6,379.87 with only the Mining and Oil counter advancing.
Volume rose to 6.77 billion shares worth P8.62 billion as losers outpaced gainers 110 to 92 with 47 unchanged.
“The local bourse plunged as investors took profits out of its two-day rally,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
He noted that, “Overall sentiment remains bearish as our economic and corporate prospects remain clouded by the prolonged implementation of the stringent quarantine measures in the country, particularly the NCR Plus which includes the country’s economic powerhouse.”
PSE file photo
The main index inched up by 18.37 points or 0.28 percent to close at 6,487.51 with only the Holding Firms counter giving way to profit-taking.
However, volume dropped to 4.23 billion shares worth P4.73 billion as gainers again beat losers 107 to 92 with 45 unchanged.
“Philippine shares closed moderately following the Fed’s decision to leave rates near zero,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “investors are also continuing their rebalancing ahead of the month-end window-dressing and the release of more corporate earnings.”
Philstocks Financial Research Associate Claire Alviar said “Last-minute bargain hunting lifted the PSEi amid increased hopes that the Modified Enhanced Community Quarantine (MECQ) until May 14 would help contain the spread of the Covid-19 cases.”