Gloom persists as index stays lethargic

PSEi’s performance followed the Asian markets’ trend.

Investors digested on Friday a couple of economic reports that showed a muddy picture of the US economy. Initial jobless claims came in better than expected, but import prices dropped less than estimated. | Michael Nagle/Xinhua

September 17, 2022

Market barometer Philippine Stock Exchange index sustained its downward momentum and ended the trading day of the week down by 26.90 points or 0.41 percent to 6,548.77.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar noted in her market commentary that the PSEi’s performance followed the Asian markets’ trend as investors continue to digest the inflation data in the United States while waiting for the policy rate decision of the Fed and the Bangko Sentral ng Pilipinas.

“Moreover, the weakening of the peso as it trades at 57 levels and negative cues from the US markets weighed on sentiment,” she said.

Transfers up a bit

The latest BSP data showed that cash remittances coursed through banks went up by 2.3 percent year-on-year to $2.92 billion in July. The expansion during the month was fueled by the increase in receipts from land- and sea-based workers.

The market’s total net market value turnover on Friday was strong at P14.91 billion.

Sectors were mixed; Services and Holdings gained by 0.48 percent and 0.33 percent, respectively while Miners led the losers, losing 1.67 percent.

PLDT Inc. had the biggest gain of 5.93 percent while Puregold Price Club Inc. was at the bottom, declining 4.86 percent.

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