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Manila Bulletin devider Business devider Stocks fall on concern over rates

Stocks fall on concern over rates

Published Aug 31, 2022 04:09 pm

The PSEi continued to lose ground in line with the decline in US bourses due to worries over interest rates.

The local benchmark fell by 106.62 points or 1.59 percent to close at 6,583.65 with Conglomerates leading the retreat while the Property sector was the only one that managed to advance. Volume rose to 1.45 billion shares worth P8.87 billion as losers trounced gainers 118 to 67 with 42 unchanged.

Philippine Stock Exchange index (PSEi)

“The local index stretched its losing streak to close the month on the Fed's remarks that it will raise its interest rates still to temper inflation despite potentially negative impacts on the economy and corporate profits,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “More recently, New York Fed Pres. John Williams called for a ‘somewhat restrictive policy to slow demand.’”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse extended its decline following the drop in the US markets amid worries that the Federal Reserve will continue with its aggressive policy tightening.”

She noted that, “The main index also breached the 6,600 support level amid a lack of positive catalysts. If the market will not return above 6,600, then the next support would be at the 6,400 level. “ (LEE C. CHIPONGIAN)

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