PHL stocks drop on inflation, rate hike worries - BusinessWorld Online

📆 31/01/2023 10:00 p. m.
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The bellwether Philippine Stock Exchange index (PSEi) dropped by 177.72 points or 2.54% to close at 6,793.25 on Tuesday, while the broader all shares index lost 69.56 points or 1.9% to end at 3,590.40. READ:

LOCAL SHARES dropped on Tuesday amid worries over inflation and interest rates and as investors await the policy decision of the US Federal Reserve on Wednesday.

“At the same time, investors are taking a cautious stance ahead of the Federal Reserve’s policy decision this week,” Mr. Tantiangco added. The US central bank is holding its first policy meeting for the year on Jan. 31 to Feb. 1, where markets widely expect a 25-basis-point hike, smaller than the 50-bp increase seen in December 2022.

On the other hand, the local bourse operator announced last week that DMCI Holdings, Inc. and UnionBank of the Philippines, Inc. will replace Megaworld Corp. and Robinsons Land Corp. in the main board by Feb. 6.

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