The bellwether Philippine Stock Exchange index (PSEi) declined by 35.91 points or 0.54% to close at 6,541.03 on Friday, while the broader all-shares index lost 9.79 points or 0.28% to 3,432.47. READ:
LOCAL shares snapped out of their rally on Friday mirroring Wall Street’s decline on Thursday amid fears that central banks’ rate hikes could lead to an economic downturn.
“Philippine shares were sold off ahead of the long weekend as investors worried that overtightening from central banks worldwide could force the economy into a downturn,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message On Thursday last week, Wall Street closed lower as investors worried that the US Federal Reserve will keep hiking interest rates for longer than feared, Reuters reported.
The peso opened the session at P55.25 per dollar and reached its weakest showing at P55.35 against the dollar.
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