SHARE prices fell last week as sentiment weakened after the US Federal Reserve and the Bangko Sentral ng Pilipinas raised its interest rates to combat rising inflation.The main index was mostly up during the early part of the week, but declined the most on Thursday and Friday as the rate increases were announced.
All other sub-indices went down, with the exception of the Financials index that gained 5.09 points to close at 1,644.47 points. The broader All Shares index declined 37.27 to 3,400.13, the Industrial index fell 7.26 to 9,272.55, the Holding Firms index was down 14.66 to 6,346.91, the Property index retreated 68.20 to 2,790.90, the Services index plunged 75.38 to 1,657.03 and the Mining and Oil index dropped 410.55 to 10,165.83.
Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., the market is still expected to go through a rough path as monetary outlooks weigh on growth prospects which in turn may still cloud sentiment.
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