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Stocks continue to plummet

Business | The Stock Market

Stocks continue to plummet

By James A. Loyola

Local share prices plunged as the Philippines faces headwinds including a weaker peso, lower foreign investments, and slower economic growth.

The main index fell 129.9 points or 1.87 percent to close at 6,810.11 with the Property and Services sectors leading the retreat across the board. Volume rose to 622 million shares worth P5.59 billion as losers outnumbered gainers 134 to 61 with 63 unchanged.

“Philippine shares sank as investors weighed a drop in foreign direct investments. Many are already making assumptions heading into 2025 with more companies reporting third quarter earnings,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market extended its decline to a fifth straight day as lingering headwinds including the weak Peso and the impact of President-elect Donald Trump’s planned protectionist policies on the global economy continued to weigh on sentiment.”

“Adding to this was Fitch Solutions’ BMI’s downgrade of its Philippine 2024 economic growth forecast from 6.0 percent to 5.8 percent,” he noted.

Related Tags

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

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