PSEi slips below 6,000 on growth worries
Investors have gone on a selling spree over worries that the Philippine economy would struggle to post respectable growth in the third quarter due to currency and inflation risks.
Manila, Philippines – The Philippine Stock Exchange index (PSEi) slipped below the 6,000 mark due to investors' concerns over the country's economic growth prospects in the third quarter. The benchmark index closed at 5,916.94, down 1.51 percent or 90.84 points, with the broader All Shares index falling by 1.26 percent or 42.26 points.
Analysts attribute the decline to currency and inflation risks, as well as the absence of a long-term peace deal in the Middle East and the US Federal Reserve's decision on its monetary policy. With the Federal Reserve expected to raise interest rates to curb inflation, the Bangko Sentral ng Pilipinas may respond with an off-cycle rate hike, further dampening market sentiment.
Investors traded 5.89 billion shares, with losers outnumbering winners 139 to 54. ICTSI, a logistics firm, experienced the most significant drop, shedding 3.76 percent to close at P922.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
