Stocks close the week lower (Sabong News)
Author
James A. Loyola
Date
APRIL 22 2022
The local stock market ended just below the 7,000 mark as wary investors cashed out ahead of the weekend.
The main index dropped 62.90 points or 0.89 percent to close at 6,998.59 as the Industrial and Property sectors led all sectors down. Volume thinned to 450 million shares worth P4.82 billion as losers beat gainers 100 to 79 with 44 unchanged.
“The PSEI fell once again on rising Treasury yields that overshadowed solid earnings reports … The 10-year benchmark rate traded above 2.9 percent for much of the session, which was near its highest level since late 2018,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Locally, many are concerned that the lockdowns in China could temper the profitability of some index heavyweights.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined following the negative cues from Wall Street after the Federal Reserve hints a 50 basis points hike in May.”
“In addition, investors also booked more gains on the last trading day of the week to avoid any uncertainties over the weekend,” she noted.
