The Philippine Stock Exchange index dropped by 0.94 percent or 63.42 points to end at 6,677.65, extending its losing streak to six.MANILA, Philippines — The stock market remained in the loss column on its return to action yesterday.
“Philippine shares took another plunge as investors assessed a hot US March CPI reading that fueled worries the Fed may implement fewer rate cuts than expected,” Regina Capital’s Luis Limlingan said. “BSP rate cut hopes were tempered amid mounting inflationary risks at home. Also, negative spillovers from Wall Street, driven by the higher-than-expected US inflation for March clouded investors’ sentiment,” Plopenio said.
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