PSEi dips as investors remain cautious (Sabong News)
Author
James A. Loyola
Date
MARCH 29 2022
The local stock market dipped as investors remain cautious prior to the release of various economic data in the US and locally.
The main index shed 19.27 points or 0.27 percent to close at 7,115.09 with the Mining and Oil counter leading the retreat while Banks and Industrials managed to advance. Volume weakened further to 788 million shares worth P4.87 billion as losers edged out gainers 92 to 82 with 57 unchanged.
“Philippine shares closed just slightly down as investors entered a busy week rife with key economic data that could position the Federal Reserve to act more aggressively on plans to raise interest rates,” said Regina Ca Development Corporation Managing Director Luis Limlingan.
He added that, “The Philippine Budget Balance for February is due later today.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The bourse pulled back as investors booked gains out of its preceding 5-day rally.
“Trading remained anemic though as many investors stayed out of the market due to lingering risks, primarily on inflation, and lack of a strong catalyst,” he noted.
