The local stock market continued to fall, weighed down by weaker US equity markets last week.
The main index lost 86.56 points or 1.3 percent to close at 6,599.34 as the Services sector led the retreat while Banks managed to advance. Volume rose to 893.23 million shares worth P7.5 billion as losers trounced gainers 149 to 55 with 34 unchanged.
“Philippine shares started the week in the red ahead of the MSCI rebalancing and the closing of February as more economic and earnings releases will dictate the direction of the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “This Monday, the local bourse dropped amid negative sentiment at home and from overseas.”
She noted that, “Last Friday, stocks in the US fell sharply amid hawkish stance of the Federal Reserve given the strong economic data. At home, our BSP Governor is still seeing another rate hike by at least 25 bps. In Asia, most stocks were also in the red following the worst week for 2023 in Wall Street.”
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