STOCKS continued to drop on Tuesday as net foreign selling surged amid Wall Street’s rise and expectations of global monetary tightening. READ:
The benchmark Philippine Stock Exchange index fell by 110.40 points or 1.65% to close at 6,577.45 on Tuesday, while the broader all shares index retreated by 40.81 points or 1.13% to 3,550.40.
US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dotcom bust more than 20 years ago. Markets have been roiled in recent weeks by worries about persistently high inflation and aggressive attempts by the US Federal Reserve to rein it in while the global economy copes with fallout from Russia’s invasion of Ukraine.
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