THE MAIN INDEX closed almost flat on Thursday after Wall Street declined and on window dressing as investors wait for the release of key economic data.
“Philippine shares were able to remain flat despite the broad sell-off in the US, as recession fears weighed on investor sentiment in a losing week, month and year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. The Dow Jones Industrial Average fell 365.85 points or 1.1% to 32,875.71; the S&P 500 lost 46.03 points or 1.2% to end at 3,783.22; and the Nasdaq Composite dropped 139.94 points or 1.35% to 10,213.29.
He said the PSEi may continue to move sideways in the first trading week of 2023 as investors are likely to remain cautious due to higher interest rates and global recession concerns.
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