Local share prices took their cues from the US and dropped again, to end one of the Philippine Stock Exchange Index’s worst week this year.
The main index lost 61.45 points or 0.96 percent to close at 6,331.56 as Conglomerates led the retreat with only the Services sector bucking the trend following gains by PLDT. Volume rose to 917 million shares worth P11.71 billion as losers beat gainers 133 to 57 with 45 unchanged.“Philippine shares resumed the selloff as recession fears resurfaced.
He added that, “several key pieces of economic data fell short of forecasts this week, ranging from US May retail sales to housing starts, and the Fed raised its benchmark interest rate by 75bp—the most since 1994.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said the “local bourse fell on the back of the negative cues from Wall Street. This came due to worries over recession risks on the US economy amid the Federal Reserve’s monetary tightening.”
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