Stocks lower on higher pump prices, weaker peso

The local stock market declined following a new round of pump price hikes and a weaker peso.

The main index dropped 48.75 points or 0.78 percent to close at 6,285.19 as losses were led by the Services sector while the Industrial and Mining and Oil counters managed to advance. Volume remained anemic at 885 million shares worth P3.97 billion as losers outpaced gainers 94 to 87 with 53 unchanged.

“Many (investors) remained on the sidelines, gauging the likelihood of a recession following the Fed’s more aggressive stance, while waiting for the US to return from the long holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market closed lower as investors continued to trade cautiously amid the uncertainties over the the Bangko Sentral ng Pilipinas’ upcoming policy decision this week.”

He added that, “Sentiment was also dampened by the further weakening of the Peso below the 54.00 per US Dollar mark.”

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