Stocks drop on concern US will keep rates high

The main index lost 48.27 points or 0.73 percent to close at 6,566.80 as the Services sector led all counters in the retreat. A total of 2.06 billion shares worth P7.27 billion changed hands as losers beat gainers 101 to 71 with 45 unchanged.“Philippine shares put a pause in their winning streak as Wall St. digested the Fed’s latest rate hike decision,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Fed Chair Jerome Powell signaled more data was needed before the central bank would meaningfully change its view of inflation.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped following the expectation that the Federal Reserve may keep high-interest rates longer while waiting for the decision of the Bangko Sentral ng Pilipinas .”

She added that, “the Fed’s signal that high-interest rates may stay longer caused negative sentiment. At home, most investors were seen on the sidelines waiting for the interest rate decision of the BSP.”

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