The Manila Times

STOCKS DIP ON FEB QUARANTINE MEASURES

THE local market retreated on Friday as investors await for the country’s quarantine measures for February.

The 30-member Philippine Stock Exchange index slipped by 0.3 percent, or 21.55 points, to its day low of 7,251.97, while the broader All Shares dipped 0.14 percent, or 5.41 points, to finish at 3,856.08.

Claire Alviar, Philstocks Financial Inc. research associate, said investors took profits as they anticipate the quarantine restrictions to be implemented next month.

“Although the Covid-19 situation at home is improving, the easing of restrictions to Alert Level 2 from level 3 may only happen in the mid-week of February,” she said.

Alviar noted that the local bourse might move sideways in the next few days should the government extend current restrictions as investors look out for more catalysts.

For his part, Luis Limlingan,

Regina Capital Development Corp. managing director, said the main index shed as “investors weighed the Fed’s aggressive stance on raising interest rates against the latest GDP (gross domestic product) report from both here and the US.”

Limlingan also cited the preparations ahead of the release of corporate earnings.

Meanwhile, trading improved as net value turnover ended at P7.56 billion, better than the current monthly average of P5.6 billion.

Foreign funds also entered the market with net foreign buying amounting to P688.7 million.

Only the banks and the industrial index exhibited gains among local sectors at 3.18 percent and 1.04 percent, respectively, while the properties lost the most at 1.7 percent.

Total volume turnover was at 1.23 billion shares valued at P8.01 billion.

Losers outpaced gainers at 109 to 76 while 57 securities were unchanged.

Business Times

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2022-01-29T08:00:00.0000000Z

2022-01-29T08:00:00.0000000Z

https://manilatimes.pressreader.com/article/281822877189355

The Manila Times