Stocks tumble on Fed’s comment

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The benchmark Philippine Stock Exchange index fell 76.26 points, or 1.23 percent, to close at 6,142.90 on October 20, 2023.

Philippine stocks ended in the week in the red as US Federal Reserve Jerome Powell’s comment about inflation rate weighed on local and global markets.

The benchmark Philippine Stock Exchange index fell 76.26 points, or 1.23 percent, to close at 6,142.90, while the broader all-shares index declined by 36.37 points, or 1.08 percent, to settle at 3,329.42 Philstocks Financial Inc. research analyst Claire Alviar said Powell’s statement that inflation was still too high worried investors.

“Investors reacted negatively on the statement leading to the increase in 10-year Treasury yields which weighed future on the sentiment in the market,” Alviar said.A real estate advisory firm expects Panglao Island in Bohol province to surpass Boracay Island as the Philippines. top tourism...Borough Lasik Center, a leader in vision correction procedures, said Friday it is expanding its operations in the Visayas and...

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