The benchmark Philippine Stock Exchange index went down by 39.98 points or 0.63% to close at 6,301.71 on Thursday, while the broader all shares index dropped by 29.28 points or 0.86% to 3,356.24.
“The local bourse declined further by 39.98 points or 0.63% to 6,301.71 as the Fed raised interest rates by 75 bps, which brought negative sentiment to the market, while the BSP hiked rates by 50Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message. The US central bank on Wednesday hiked interest rates by 75 bps for a third straight time and signaled further increases as policy makers continue to battle inflation. This brought the Fed’s cumulative hikes for this year so far to 300 bps.
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