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Manila Bulletin devider Business devider Stocks fall on new US rate hike fears

Stocks fall on new US rate hike fears

Published Aug 22, 2022 04:09 pm

The local stock market fell amid concerns over further US rate hikes.

The main index lost 159.45 points or 2.32 percent to close at 6,704.41 as Conglomerates led the retreat across the board. A total of 817 million shares worth P5.44 billion changed hands as losers trounced gainer 132 to 62 while 39 were unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine stocks dropped on rekindled rate hike fears that added concerns to the pace of the global economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Claire Alviar said “Profit-taking after the rally last week brought the PSEi down. Moreover, the depreciation of the peso contributed to the negative sentiment.”

She noted that, “This is on the back of the expectation that the Federal Reserve could remain hawkish which may weaken the peso. Moreover, supply concerns over some food items weighed on the sentiment.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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