Stocks weaker on lackluster trading (Sabong News)
Author
James A. Loyola
Date
APRIL 11 2022
The local stock market closed below the 7,000 level on late selling after mostly sideways trading.
The main index shed 29.73 points or 0.42 percent to close at 6,988.29 as the Property sector led all indices down. Volume declined to 882 million shares worth P3.36 billion as losers beat gainers 102 to 75 with 55 unchanged. “Philippine shares were quietly sold down as the market lacked major catalysts during the shortened trading week,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Sentiment also didn’t get much of a boost as U.S. equities notched losses for the week but ended mixed on Friday as investors braced for tighter monetary policy from the Fed.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Monday’s sideways trading ended in a last minute sell-off. The decline and the lethargic trading is attributed to worries over the Philippines’ inflation, the Federal Reserve’s hawkish policy outlook, and the Russia – Ukraine war and its global economic implications.”
