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Manila Bulletin devider Business devider Stocks drop on worries over PLDT, US recession

Stocks drop on worries over PLDT, US recession

Published Dec 19, 2022 04:54 pm

The local stock market continued to drop on worries over a possible recession in the US.

The main index lost 82.23 points or 1.27 percent to close at 6,414.27 with the retreat led by the Services sector, mainly due to PLDT’s plunge, with only the Property counter advancing. Volume jumped to 1.31 billion shares worth P18.72 billion as losers swamped gainers 123 to 55 as 45 were unchanged.

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“Local and regional stocks continued their descent as investors struggled to shake off recession worries after the Fed upped its forecast for future hikes above previous expectations, saying that it now expects to hike rates to 5.1 percent,” said Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market declined due to negative spillovers from Wall Street fueled by recession fears in the US.

He noted that, “Adding to the concerns were the hawkish signals from the Bangko Sentral ng Pilipinas as BSP Governor Felipe Medalla stated that they may continue to raise policy rates in their next two meetings.”

“Moreover, index member PLDT plummeted by more than 19 percent as investors seek answers regarding its revealed ‘budget overrun’ last week," Plopenio added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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