US debt concerns sideline investors
The local stock market was closed Tuesday for a national holiday as investors turned cautious ahead of the Oct. 17 deadline for the United States to raise its debt ceiling and avoid a debt default.
On Monday, the main-share Philippine Stock Exchange index lost 47.1 points or 0.73 percent to close at 6,442.70 in thin trade.
“Market corrected after several days in the green as investors took profits, and are staying on the sidelines as jitters prevail until the final outcome on the US debt ceiling is out,” said BPITrade.com director Ricky Liboro.
Until Oct. 17, Liboro said markets may move sideways “until the dust settles.”
The local stock market was closed yesterday due to the Islamic Eid’l Adha or Feast of Sacrifice.
Value turnover last Monday was thin at P4.02 billion. There were 97 decliners while overwhelmed 51 advancers while 42 stocks were unchanged. Doris C. Dumlao
